Martin Aircraft signs agreement

Company News

Martin Aircraft Company Limited (ASX:MJP) has entered into an agreement with UK-based Gilo Industries Group Limited.
 
The agreement details the supply of Gilo’s advanced rotary engines from its wholly owned subsidiary Rotron Power Limited. 
 
The company said the shift to the Rotron rotary engine follows a decision by Martin Aircraft to move away from the custom designed and built two stroke V4 engine presently used on Martin Jetpack test aircraft. 
 
Chief Executive and Managing Director Peter Coker said the Rotron engine delivers greater fuel and payload flexibility, improved operational rate and a multi-mission capability that fits well with the company’s project development roadmap for the Martin Jetpack and Jetpack products.
 
Martin Aircraft recorded a net profit of $4.62 million at 31 December 2015.

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