In The Works: American Utilicraft
Lawrenceville, Ga.-based American Utilicraft, which is developing the twin-turboprop FF-1080 freight feeder, saw its share price drop from its 52-week high of $7.50 to $1.60 after September 11. In response to a Pentagon request from U.S. companies to submit proposals to combat the threat of terrorism, AUC is offering the airplane as a special-purpose aircraft to carry mail to and from U.S. Postal Service regional anti-bacterial decontamination centers.
In October the company announced that negotiations between it and North Atlantic Industries had ended. The two had entered into a non-binding letter of intent that would have made NAI the European distributor of the FF-1080. Said John Dupont, president and CEO of AUC, “During the course of the negotiations we became concerned that NAI lacked certain key financial elements and capabilities.” Meanwhile, development of the Freight Feeder has slowed.