Dr. Chen: The company started in January 1990. It's a new start-up in Burbank, California. It was next to the world-famous Lockheed 'Skunk Works,ý a new aircraft development center for Lockheed Corporation. The initial backing of 20 million was from Taiwan. By June 1994, we FAA certified one aircraft named JETCRUZER 450, which is a smaller version of the JETCRUZER 500 we are currently selling. The JETCRUZER 500 is a high-performance, low-cost business propjet. It has a high-tech composite fuselage, with a metal wing. But we have a small wing in the front called Canard. The engine is mounted in the back of the aircraft; it is a so-called pusher aircraft. The JETCRUZER 500 will take six passengers, including a pilot. We expect the JETCRUZER 500 will be able to dominate the world market for aircraft selling between 1 million and 2 million. In 1995 and 1996, we were looking for additional financial support. By the end of 1996, we took the company public. After paying all our debts and fees, the company had a net of around 26.5 million, debt free. In November 1998 we moved into the Long Beach Airport with a brand new, state-of-the-art 200,000-square-foot building. This was an ideal location for us. In southern California, there are plenty of aerospace work forces. Our immediate goal is to obtain FAA amended certification of the JETCRUZER 500. That amendment is based on the original JETCRUZER 450 certification. We are preparing the production and expect to have first delivery of the JETCRUZER 500 by the end of this year. The JETCRUZER 500 is a very marketable product. It can fly at a speed of 345 miles per hour and up to a ceiling of about 30,000 feet and has a range over 1,300 miles. We are the only new start-up company with a new design business aircraft in the last three decades. It's not easy to get into the new aircraft business. We have recently received good coverage in the news. For example, there was a very nice article in The New York Times on Sunday, January 23, and one on the front page of the business section on Sunday, May 21 of The LA Times of this year. In March of this year, we secured an extra 10 million in new investment. In May we passed a most crucial test, the composite fuselage pressurization test. We are one of only two commercial aircraft companies that has successfully passed this kind of test. To date we have orders for 188 JETCRUZER 500s, with a backlog of about 226 million. Most of the purchases have a 10 million non-refundable deposit. Currently, we have about 104 employees. We need about 100 more by the end of this year to ramp up the production. We are working on a very exciting project with huge potential.
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