Groen Brothers Announces Cost-Cutting Measures, Slashes Workforce

Sat, 31 May '08

Capital Markets, DARPA Delay To Blame; Company Hopes To Sell Off SparrowHawk

Groen Brothers also announced it hopes to sell its SparrowHawk III kit-built gyroplane program to a third party buyer, saying the civilian aircraft doesn't fit with its increasingly Defense Department-minded business model.

"For this reason, having developed the SparrowHawk III Quick Build and its associated manufacturing, quality, and marketing requirements, GBA is seeking to sell the program to a third party while still continuing to provide technical and other support for a significant transition period, for the new owner," the company said. "If this sale is accomplished, it could provide GBA with the funding necessary to allow the company to resume its participation in the DARPA Heliplane project if and when it restarts, and continue to pursue its desired agreements with Korea and/or Spain."

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