29/07/2008 RUSSIAN COMPANIES ACQUIRE ADAM AIRCRAFT

Russian companies "Kaskol" and 'Promishlenie investory " have completed a deal to acquire the assets of American company "Adam Aircraft" (Denver, Colorado), manufacturer of light jets, for $10 million, informs RIA Novosti.

"The company announced the beginning of bankruptcy proceedings. We learned about it in advance, took part in the auction and won it," - said at a press conference the president of the board of directors of the Russian company "Avia Management Group', the operator first Russian avia-taxi "Dexter", Evgeny Andrachnikov.

"Adam Aircraft" was recognized as bankrupt in February 2008 in accordance with American law on bankruptcy.

According to Andrachnikov, "Adam Aircraft" is a developer and manufacturer of a unique twin turbojet aircraft A-700, made entirely of carbon composite. In this not certified aircraft was already invested 278 million dollars when the company announced its bankruptcy. Thus, the aerospace holding "Kaskol" and " Promishlenie investory' buying the company, became owners of all productive assets, intellectual property, patents and certificates, as well as already manufactured aircraft and their components.

As a result of the transaction, we, in fact, obtained the opportunity to produce in the U.S., unique aircrafts. We have already discussed with potential buyers that have expressed interest in acquiring the aircraft A-700, overall, the portfolio of the company has orders for 322 aircrafts A-700, totaling over 800 million dollars "- said the president the group 'Promishlenie investory', Sergei Generalov.

It is anticipated that American light jets will be used both in Russia and abroad as air-taxi.