In the Works: American Utilicraft FF-1080-200

 - October 8, 2007, 11:58 AM

As anticipated in April, American Utilicraft of Lawrenceville, Ga., did indeed last month announce “a new aggressive strategy for deployment of the company’s first 25 FF-1080 Freight Feeder aircraft.” This strategy involves “creating alliances with potential acquisition candidates [to build an effective air-cargo company] and moving to a larger accounting firm capable of handling these types of transaction and associated regulatory issues.”

The announcement explained that “the global effects of September 11 have caused the company’s equity-line strategy not to develop as planned.” The financial strain on the company is hampering its ability to meet the reporting requirements of the Securities Exchange Commission, which may cause American Utilicraft (ticker symbol “AMUCE”) to be delisted from the Over-the-Counter Bulletin Board and subsequently placed on the Pink Sheet Exchange (www.pinksheets.com). Last month the company’s stock was trading for about $1.70 per share; its price at the initial public offering in May last year was $6.