Davis, CA, Jan. 24, 2013 (GLOBE NEWSWIRE) -- Moller International, Inc. (MI) (OTC-QB: MLER), the developer ofthe Skycar ®and Neuera™ aircraft announced today that ithas received a signed memorandum of understanding (MOU) agreeing tocreate a US-based Joint Venture (JV) with Athena Technologies Inc.of Harbor City, California. The goal of the newly formed JVis to establish co-production for its aircraft in the US and thePeople's Republic of China. Under the provisions of the memorandum, MI will team with thisUS company-led JV to jointly produce numerous models of itsvertical take-off and landing (VTOL) aircraft. The JV willinitially invest $80 million (USD) of a planned $480 millioninvestment with the objective of producing a variety of VTOLaircraft by 2014. Production will include theSkycar ® 200 LS, Skycar ® 400,Skycar ® 600 and Neuera™ aircraft. MI is to retain its Intellectual Property (IP) while providingthe JV with aircraft designs, ready-to-installRotapower ® rotary aviation engines, and the requirementsfor the airframe and flight control system hardware to be producedin China. The JV is to provide all necessary productionfunding, purchase a 35% ownership in MI and provide MI with 25%fixed ownership in the JV for a period of 10 years. "The formal agreement is expected to be approved by both partieswithin weeks and lead MI and its JV partner to becoming worldleaders in Personal Airborne Transportation," said Dr. PaulMoller. "This partnership leverages MI's practical knowledge of VTOLaircraft design with the cost-effective assembly and manufacturingcapabilities that can be carried out overseas," said Bruce Calkins,MI's General Manager. "Our objective is to become the market leaderin this form of Personal Aviation, and with this agreement we arein a great position to achieve that goal."
"We are very affirmative and optimistic about this JVopportunity. Moller's VTOL technology certainly is the verybest in the world and we are looking forward to building a firstclass VTOL airplane factory in China," said John Gong, Chairman ofAthena Technologies, Inc.About Moller International Moller International (OTC-QB: MLER) is a fully reporting publiccompany that has developed a number of VTOL aircraft employing itsRotapower ® rotary engines and flight control systems.Products in development and/or test are the Skycar ® 400,Neuera™, and a recent 2-passenger model called theSkycar ® 200 LS intended to qualify as a Light SportAircraft under existing FAA rules. The Company has other VTOLaircraft in development targeted at overseas markets for commercialand private applications. The Skycar ® has been featured on a number of TVprograms including CBS 60 Minutes, "Highway In the Sky", NBC'sToday Show "Today's American Story", and History Channel's,"Greatest Movie Gadgets: Then and Now" and numerous appearances onthe Discovery Channel including the Smithsonian Institute's Invention series. About Athena Technologies Athena Technologies is a consortium comprised of several USprivate equity funds and credit guarantee companies. It iscurrently focused on China-US trade relations and e-businessnetworks where it provides a bridge between Chinese and US commerceby offering all aspects of international trade services. Mr. John Gong, Chairman of Athena Technologies, is Vice-Directorof the China Council for Promotion of International Trade (CCPIT)and Vice-President of the China Economic Trade Promotion Agency(CETPA). He has been featured on the front pages of "ChinaForeign Trade" and "China Economic & Trade Herald" magazinesnumerous times. Safe Harbor Statement Except for historic information contained in this release, thestatements in this news release are forward-looking statements thatare made pursuant to the safe harbor provisions of the PrivateSecurities Litigation Reform Act of 1995. Forward-lookingstatements involve known and unknown risks and uncertainties, whichmay cause a company's actual results in the future to differmaterially from forecasted results. These risks and uncertaintiesinclude, among other things, the company's ability to attractqualified management, raise sufficient capital to execute itsbusiness plan, and effectively compete against similarcompanies.
CONTACT: Moller International 1222 Research Park Drive Davis, CA 95618, USA Bruce Calkins www.moller.com firstname.lastname@example.org Tel: (530) 756-5086 Fax: (530) 756-5179 or Athena Technologies, Inc. 1508 W Pacific Coast Highway Harbor City, CA 90710, USA John Gong www.eathenatech.com email@example.com Tel: 1-888-519-5188 (US & Canada Toll Free Call) Fax: 1-888-519-9386