The Lawrenceville, Ga. developer of the proposed FF-1080-200 Freight Feeder reports being close to an announcement regarding an agreement with freight company Averitt Express of Cookeville, Tenn. The two companies had signed a memorandum of understanding last June concerning a “capacity services agreement” under which American Utilicraft would provide, on a wholesale basis, airborne revenue capacity to Averitt for five years and would include the use of 25 FF-1080 aircraft. Averitt Express planned to resell the capacity on a retail basis through its sales force to existing customers and to the global air-freight forwarding community. At that time, the companies anticipated completing the agreement in two months and having the first airplanes in service by the fourth quarter of 2004.
Jim Carey, American Utilicraft vice president, told AIN that negotiations are ongoing and that AUC’s new strategy is to acquire “interim lift for a long-term 1080 commitment,” explaining that the company is looking to buy a current Part 121 cargo operator. He said the company has sufficient financial resources “for its current strategy,” but continues to seek additional financing. Listed on the Pink Sheet Exchange since last June, the company’s stock was selling for about one dollar per share last month. At its initial public offering in May 2001 the stock sold for about $6.