Poor old MJP, it just gets worse and worse: The current engine...

Poor old MJP, it just gets worse and worse:

The current engine life is expected to be 30hours. There is a significant engine and component cost that is required to support this due to the need to remove and replace the engine on a weekly basis. This has resulted in additional cost and has caused delays to the test programme.

I know they are saying that their test-phase engines are only working for 30 hours at a time (and they expected them to last for 50) but it seems that they can't even test the jetpacks without having to replace the engines once a week.

What a travesty for shareholders - even the embers of bluster have subsided leaving this type of announcement...

Pre-IPO speculation was great for a trade but over time this company doesn't seem to have taken very far a good idea and a lot of capital.

Not to mention:

While the Company is working to resolve this issue as quickly as possible, no definitive timeline can be provided at this stage and it is possible that further delays and a requirement for additional capital may arise as a result of the process. The Company will provide updates in due course as matters progress.

And here comes that capital raising:

The Company has already indicated that it will require further funding to complete the test programme and to seek out commercial opportunities with respect to the Jetpack product. As previously noted, the Company has secured a Letter of Financial Support from its major shareholder, Kuang Chi Science (KCS),committing to underwrite funding in the amount of NZ$10.0 million (subject to shareholder and regulatory approvals as required, and provided there remains appropriate commercial rationale for the funding). This should enable the Company-subject to any material issues arising regarding the engine-to complete the milestones of the Jetpack in the 12 months from 28 February 2017.