An interesting article/opinion about KuangChi. You have to give it to them. Starting off in forestry & paper products, they are according to this link, now investing money in "way-out technologies, seemingly with little concern as to the commercial viability of such investments".
I have been in contact with a NZ government authority, who has provided me with some interesting information. Given that KuangChi has aquired 52%+ ownership of Martin Aircraft Company, they now also have a number of options to acquire the remaining shares, if that is what they want to do at one stage or another:
KuangChi has smartly been incorporated in Bermuda, taking care of the amount of taxes that would have to be paid, if any. They will probably also draw a line in the sand, regarding businesses that do not keep their promises and who churn through tens of millions of dollars, without producing any commercially viable products. Given the vitality and drive of Chinese inventors, the time might have come for Mr. Coker to hand over the reins to someone who can get this project off the ground. Mr. Coker has been in charge of Martin Aircraft Company for 3.5 years and all we have to date is a technical specifications sheet with downward revised performance targets (some 50% lower than proclaimed in the 2014 IPO prospectus), a yet again revised delivery date and an announcement that even more funding will be required to complete just the certification process. Martin Aircraft states that it now has in excess of 100 employees with assumgly a considerable wages bill. I sincerely hope that all of this money will not just result in an alternative golf cart and photo opportunities with a sunglasses manufacturer. Hopefully something drastic will happen very soon to stop them heading even more into markets like these. I feel ill every time I open MJP's website, immediately seeing this white jetpack flying over a golf course, with seemingly bewildered fellow golfers in a conventional golf cart looking on. I can just imagine what they might be saying ......
Interesting: Bubba annoyed by a mobile phone noise, never mind a jetpack.
MJP Price at posting:
46.0¢ Sentiment: Sell Disclosure: Held
