Martin Jet Pack

[Bob Kane]

Yeah unfortunately those things will never get off the ground (boom boom).

The latest version flies slower and for less time than the previous one and they're calling it a huge step forward.

They have a number of problems such as what happens when things go wrong at say 200 feet? You die because the parachute can't deploy fast enough.

Or what happens if a blade craps out and flies through the side of one of the fans?

And so on.

They just bring out these press releases every so often to get more money.

I totally agree now.
On another thread we have discussed health and safety regulations where risks have to be assessed and mitigated.
There's no way to mitigate the risks when flying the jet pack which means no company could buy one for their staff to use.
So no commercial sales in NZ and probably struggle to sell anywhere else.

[Perry]

When is a jet not a jet?

When it's a Martin jestpack.

[Davo36]

But Bob, I just checked out their website and I kid you not, the message in big letters on the home screen is "Saving Lives"

And of course a bunch of time has gone by again.

Wait for another article saying they will have it ready for sale in a year's time and are just seeking a bit more funding...

[eri]

by the time they are safe

they will have been eclipsed by autonomous drones

[Davo36]

by the time they are safe

they will have been eclipsed by autonomous drones

Yeah but can you shift people with autonomous drones? And woudl that be safer?

[eri]

when we have driverless cars

resistance will drop

easier to safely lift out a 100kg person with a 100kg drone

than the same 100kg drone carrying a 100kg pilot AND 100 kg passenger

[Martin Jetpack Lies]

The issues that I have as an 'investor' with Martin Aircraft Company (MACL) are manifold. As you know, Glenn Martin listed his company on the Australian Stock Exchange (ASX) in early 2015, promoted by a glossy IPO prospectus with several roadmap markers. He was even offering his then CFO (and current CEO), Mr. West $15,000 (plus GST) for every investor he could attract, who was willing to buy a parcel of MJP shares, worth in excess of 1 million dollars (all in the prospectus). The one promise I was focussing on was the sale of the first commercial jetpack in Q3/2016. This did not eventuate and unmanned UAV's have also not been commercialised.

Glenn Martin left the company only weeks after the listing, but not before selling his unrestricted MJP shares. Almost 40 million of his remaining shares were escrowed until now, just released from their trading lock.

KuangChi Science is now Martin Aircraft's cornerstone investor, holding 52% of the company shares. KuangChi is based in Shenzhen, listed on the Hong Kong Exchange and incorporated in the Bermuda's tax haven. This makes for a rather interesting mix, with Martin Aircraft Company (still) being incorporated in New Zealand.

More than 30 years have passed since this jetpack was first conceived and even 100+ employees and 8 executive board members could not bring it to market. Mr. Coker, MACL CEO for more than 3.5 years, conveniently left the company just prior to the 2016 AGM and is now working for KuangChi Science in Hong Kong. It is ironic that he is now apparently responsible for cost control measures of this project. Martin Aircraft Company announced recently that they are now seeking another 10 million dollars, which will bring the total development costs of this jetpack to a staggering 72 million dollars.

Amazingly, Martin Aircraft Company has been travelling the world with their static display, including Monaco, Germany, Dubai, China, India and the USA, signing non-binding 'Memoranda of Understanding', 'Letters of Intent' & 'Intention Framework Agreements' when they had nothing to sell. All they had at the time was a protype with an extremely noisy engine. They have now (downward) revised all technical specifications as listed in the IPO, including a newly stated top speed of just 40km/h and a range of around 15 kilometres. The new rotary engine, imported from the UK and initially affected by cooling problems, needs to be rebuilt after just 30 hours of flight time. Who on earth would/will purchase an airframe like that for around a quarter of a million dollars? I certainly hope that this will not be the final design they are planning to bring to the market, expecting to 'disrupt' commercial aviation as we currently know it.

I have been told many a times that I was an idiot, 'putting so many eggs in one basket' and I now agree, of course I do. Whilst I will continue my supermarket shopping habbits, leaving all of my (dozen) eggs in their original cardboard box (and then basket), I have learned an important lesson for my next life (no money left in this one): Never fully trust ANY company, especially so called 'start-ups'! If you can spare me additional kicks in my 'virtual' backside, that would be appreciated. As a 'naive' and 'stupid' investor, I have had plenty so far.

What really annoys me is that the former CEO, Pete Coker is now giving presentations in places like the 'Christchurch Business Club' and that Glenn Martin is doing the same, even publically announcing his intentions of becoming a competitor to MACL, once his trade restrictions are lifted in September of this year (2017). He dismisses former financial backers and publically brags about his jetpack invention when it really never came to anything, other than a few public stunts. Once, back in 2008, he attended the Oshskosh Airshow (USA) with his family. His son hovered the jetpack a few centimetres above the ground, with 2 people hanging on to the frame to control it. He subsequently announced that he would take orders and that he expected 25 sales the very next year (2009). The second big stunt was allowing it to fly radio controlled from an escorting helicopter in 2011. We are writing the year 2017 now and the company has once again returned to a 'research and development' stage, when the 50odd million dollars of new money was meant to finally bring a fully certified jetpack to the market. Only a miracle will reverse the current prospects (as I see them) of Martin Aircraft Company.

Questions that I am asking myself:

- Will the latest prototype with the new rotary engine ever be shown to fly and the video clip then featured on the company website?
- Will there ever be firm sales contracts with real money changing hands, replacing all of the non-binding intent agreements signed so far?
- Will a workforce of now more than 80 staff (excluding the current executive board of 5 directors) be sustainable for too much longer?
- Will the administrators move in towards the end of this year, if no sales are forthcoming?
- What will happen to the MJP share price should Mr. Martin put his 38 million+ now unrestricted shares on the market?
- Will KuangChi soon wrap things up in Christchurch altogether, moving operations to Shenzhen to rescue the 52 million dollars already spent?
- Will KuangChi really underwite another 10 million dollars to keep this organisation and its current 80+ staff going for a little while longer?
- Would KuangChi not be better off, commercialising this jetpack in the vibrant surrounds of Shenzhen, with its highly skilled and motivated engineers?

For more on this you can refer to my twitter account with the same user name (Martin Jetpack Lies) and youtube (8strings).

[Davo36]

Wow interesting.

Sorry about your investment. We all make mistakes. I certainly have. Guess you'll have to pick yourself up, dust yourself off and have a go at somthing else.

Such a pity, I always wanted these things to work. But without some major technological advance, I can't see how they will.

[Martin Jetpack Lies]

Thanks Davo36 for not delivering yet another kick in my virtual backside. Have had plenty of these in the past (and from all directions). It is difficult for me and in my particular situation to emerge from this, but I am trying to focus on some other things and so far, I am coping.

My vexation towards this company and past and current 'players' remains and I am perplexed how people like that treat their financial backers. One thing is for sure, if it was not for KuangChi Science, Martin Jetpack would (in my opinion) be in forced or volountary administration by now.

[Bob Kane]

https://www.stuff.co.nz/business/96463822/martin-jetpack-suspended-from-share-trading

Shares in Martin Jetpack have been suspended from trading on the Australian Stock Exchange.

[Perry]

It seems that dead-but-wont-lie-down is apposite.

[Bob Kane]

And it's goodnight from him:

https://www.stuff.co.nz/business/101977925/martin-jetpack-posts-5m-loss-quits-asx

Martin Jetpack posts $5m loss, quits ASX
As predicted by at least one shareholder, Christchurch-based Martin Jetpack Company has requested that its shares be delisted from trading on the Australian Stock Exchange.

[Perry]

A jetless jetpack that ran out of thrust.
Now with even less sharemarket trust.

Remind me: why do people buy houses?

[Davo36]

Such a shame. Would have been a cool product.

[eri]

overtaken by robot drones