New Funding Enables Company to Continue Product and Service Improvements
March 9, 2011, Sandpoint, ID...Quest Aircraft Company, manufacturer of the KODIAK, announced today that as part of its long term corporate strategy it has completed a financing transaction for recapitalization and new investment. The additional funding is from private investors and will provide the company with continued financial stability.
"The last two years have been extremely challenging for the aviation industry, and Quest is no exception," said Paul Schaller, Quest Aircraft Company President and CEO. "We have injected equity into Quest which allows us to significantly reduce debt, ramp up production and invest in customer service centers. This positions Quest to meet the needs of multiple market segments as the general aviation industry continues to recover."
Customer deliveries began in late 2007, and the KODIAK has since been deployed in more than 10 countries around the world in a variety of applications. KODIAKs are in service with charter operators, small businesses, personal owners, skydiving operations, U.S. and international governments, and humanitarian organizations. This past summer, Quest delivered nine float-equipped KODIAKs to the U.S. Fish and Wildlife Service.
"I am pleased at the progress the Quest team has made in a relatively short period of time," continued Schaller." Since receiving our FAA certification in May 2007, the KODIAK has received certification in Canada, Indonesia, Papua New Guinea, and South Africa, and we are currently working on Brazilian certification with Australian to follow. We have made several enhancements to the aircraft including float certification, an increase in the max gross weight, and most recently certification of the TKS ice protection system."
The company is also investing in Customer Service and continuing the establishment of the KODIAK network of service partners. Late last year, Wipaire, Inc. was named the first factory-authorized service center for the KODIAK. The company expects to appoint several other service centers in the next few months.
Quest is also increasing its sales and marketing efforts. The company now has six North American sales representatives strategically located throughout the United States. Quest will have a large display at the upcoming Sun 'n Fun Exposition in Lakeland, FL, March 29-April 3. This is its first attendance at this important industry event. The website (www.questaircraft.com.) has also been enhanced and reflects the renewed marketing initiatives.
The KODIAK's rugged aluminum construction combines superior STOL performance and high useful load. It offers proven turbine reliability with the Pratt & Whitney PT6 turbine engine, has the ability to land and take off from unimproved surfaces and is capable of working off floats without structural upgrades. The KODIAK can take off in under 1,000 feet at full gross takeoff weight of 7,255 lbs and climb at over 1,300 feet per minute. A 3-panel Garmin G1000 integrated avionics suite including Synthetic Vision Technology is standard equipment on the KODIAK.
Quest Aircraft Company, LLC is the manufacturer of the KODIAK, a 10-place single engine turboprop utility airplane, designed for STOL use and float capability. Headquartered in Sandpoint, Idaho, the company was established in 2001 and began deliveries of the KODIAK in December 2007.
Media Contact: Julie Stone
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