Transcription of Finance News Network Interview with Martin Aircraft Company Limited (ASX:MJP) Managing Director and CEO, Peter Coker Lelde Smits:Martin Aircraft Company Limited
(ASX:MJP) debuted on the ASX in spectacular style in February. The jetpack developer’s flagship product is described as the world’s first practical jetpack. The Martin Jetpack can take-off and land vertically, operate in confined spaces and be used both manned and unmanned.
I’m Lelde Smits and joining me at ASX Investor Series in Sydney is the company’s Managing Director and CEO, Peter Coker. Peter welcome.
Peter Coker:Thank you.
Lelde Smits: Martin Aircraft’s share price has more than doubled since February. What do you believe is behind the enthusiasm?
Peter Coker: Well I’m not commenting on the share price, I think the excitement is the Martin Jetpack actually reminds people of their dream. The dream of the days of the Jetsons and actually moving there, and everybody’s boy’s dream of being able to fly in one of these jetpacks. Well actually what we’ve done is we’ve taken that and developed it now into a commercial product.
Lelde Smits: The Martin Jetpack has been described as a disruptive technology. Could you outline why and also how this benefits the Company?
Peter Coker: Yes disruptive technology is taking something new and novel and placing it into an environment, which is actually going to change things. So for example, we’re going to change light aviation like it’s never been changed before, perhaps even since the helicopter was invented. For us as a company, therefore, we’re actually able to operate into a space that a number of people can operate now. Things like small helicopters, UAVs (unmanned air vehicles) and also other areas that will then benefit the company, in terms of the types of missions that we can undertake with the aircraft itself.
Lelde Smits: At what stage is the jetpack’s development now and what are your plans for its manufacture?
Peter Coker:We’ve now actually finished prototype 12 and we’re now moving the company into the commercialisation of the jetpack itself. That’s a different type of business in its own right. And we’re now developing that particular jetpack, to be able to be a commercial product that we can sell to the public and to the customers in the future.
Lelde Smits: The Martin Jetpack does have a range of potential uses. What industries will you be targeting following its commercialisation?
Peter Coker:Our first target customer is the first responder, so that’s people like the fire, police, ambulance, border security. And more of interest, from the natural disaster recovery people from around the global environment. After that we have a commercial entity, which is looking at perhaps farming and agriculture, and the mining industry. And then eventually we’ll have the personal jetpack as well. But the thing to remember is that the jetpack can be either flown in manned or unmanned versions.
Lelde Smits: Martin Aircraft is targeting commercialisation in 2016. Where exactly do you expect to generate revenue from?
Peter Coker: So we’re looking at our first customers, again a lot of interest from first responder type environments. And certainly when we’re starting to talk to those people, they operate in a budget environment that perhaps have an operating budget, rather than a capital expenditure budget. So we’re able to structure our business opportunity for them, such that it makes it easier for them to take the Martin Jetpack and use it for their capabilities. And they’ll be one of our first customers.
Lelde Smits: Prior to commercialisation, what do you anticipate will be the company’s coming milestones?
Peter Coker: Well there’s a lot of work to be done between taking the aircraft from the prototype, to a commercial entity in its own right. We have a number of things that we’re introducing as we go through that. It’s clearly the design will be a commercial design, rather than just a prototype. And we then integrate the various concepts around the flight control system and the parachute system, all of which have been designed around a commercial basis.
Lelde Smits: Peter Coker, thank you for the update from Martin Aircraft Company.
Peter Coker:My pleasure.
Ends
