Initial orders have been obtained for the new light executive jet developed by Israel Aircraft Industries (IAI) and US company Avocet Aircraft. Avocet chose IAI this year to design the new aircraft, paying the Israeli firm millions of dollars for a development viability study. It was agreed that that the jet would be manufactured in Israel.
US company UltraJet has announced the signing of an agreement with Avocet for the purchase of 105 planes of the new model, called the Projet, priced at only an estimated $2 million. Delivery is scheduled for 2006.
UltraJet operates an air fleet. Its customers, who share in the cost of operating the planes, include businesspeople, former US presidents, and music and sports celebrities.
UltraJet chairman and founder John DePalma said, “This airplane is a perfect complement to our long-term business goals. It is the one airplane that is being purpose-built for the demands of operators like UltraJet. We were specifically impressed with the flexibility of the cabin configurations and the operator-friendly progressive maintenance program that’s been designed right into the plane.”
Avocet CEO David Tait added, “UltraJet is precisely the type of operation we envisioned in the early development of the ProJet.”
Development of the ProJet required a $100 investment. The aircraft is based on a totally new idea it will be sold at a lower price than other small executive jets, and will include two specially developed jet engines and six to eight passenger seats.
The ProJet will compete with aircraft developed by leading aerospace firms, including Cessna Aircraft Company. Aerospace industry sources believe that the choice of IAI has given Avocet an advantage. IAI has developed three generations of executive airplanes in Israel: the Westwind, the Astra, and the Galaxy.
Avocet also announced that Prof. Jacob Frenkel would join its advisory board as chairman. Frenkel, Merrill Lynch International incorporated chairman of the board and former Governor of the Bank of Israel, will lead an advisory board that includes, among others, Dr. Gil Amelio, former Chairman and CEO of Apple Computer; Lieut. Gen. (res.) Amnon Lipkin-Shahak, chairman of Tahal Corporation, former Israeli Defense Forces chief of staff, and former Minster of Transportation; football legend Joe Montana; and venture capitalist Isaac Applbaum.
Avocet and IAI signed an agreement for joint development, and for offering the airplane to companies and groups of businesspeople. The aircraft can also be useful to the NASA, which supports the development of technologies for small, high-speed aircraft for international flights.
Published by Globes [online] - www.globes.co.il - on November 2, 2003