You’ll believe a man can fly: Christchurch-based Jetpack maker Martin Aircraft is readying for an IPO blast-off. The firm had obtained full certification from the New Zealand Civil Aviation Authority for manned flight in the last two months

August 13, 2013 Leave a comment

Jetpack maker prepares for lift-off

August 12, 2013 – 7:35PM

Tamlyn Stewart

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You’ll believe a man can fly: Martin Aircraft Company’s jetpack design.

Martin Aircraft Company is readying for an IPO blast-off. The Christchurch-based company said that a public listing could take place early next year as it revealed new details of its latest jetpack design. Chief executive Peter Coker said the P12 prototype was a “huge step-up” from the previous prototype. The firm had obtained full certification from the New Zealand Civil Aviation Authority for manned flight in the last two months, and had made great progress in increasing the flight time of the aircraft, Coker said.The company has appointed James West as chief financial officer on a temporary basis with a particular emphasis on helping the company prepare for the launch of an IPO in the near future.

West is a former chief financial officer at Pyne Gould Guinness.

Coker said the company believed the best time to go to market was early next year. It was focused on improving the performance of the jetpack through some engine refinements to ready the jetpack for commercial sale.

Changing the position of the jetpack’s ducts has resulted in a quantum leap in performance over the previous prototype, especially in terms of the aircraft’s manoeuvrability, he said.

“The jetpack continues to attract interest from potential customers and investors worldwide,” Coker said. “We are focusing initially on developing the jetpack for use as a first-responder vehicle and heavy lift unmanned air vehicle.”

The company is also developing a jetpack simulator that will be go on sale in the next few months.

The jetpack was invented by Christchurch’s Glenn Martin, and the Martin Jetpack was named as one of Time magazine’s Top 50 inventions for 2010.

The Martin Aircraft Company was formed in 2004 to complete the development of Martin’s jetpack so it could be supplied to specialist commercial users in industries such as emergency response, airborne inspection, security, defence and agriculture.

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