AirScooter Corporation

AirScooter Corporation (Pinksheets|ASCO), based in Henderson, Nevada, is designing and plans to manufacture and sell an ultralight helicopter of coaxial rotor configuration. It was founded in early 2000 by Elwood "Woody" Norris who serves as Chairman of the Board and James "Jim" Barnes who serves as Secretary of the Board.

Investor information

The stock of the company is traded over-the-counter on the Pink Sheets under the ticker symbol "ASCO."

AirScooter is a non SEC reporting corporation but does file some limited company and financial information with Pink Sheets LLC which can be found at [http://www.pinksheets.com/pink/quote/quote.jsp?symbol=asco/ AirScooter SEC and Pink Sheet Filings] .

As of January 31, 2007, the company reported an accumulated stockholders' deficit of approximately $11.8 million. [http://www.pinksheets.com/otciq/ajax/showFinancialReportById?id=13428 Airscooter Annual Report, 12/31/2007] ] Stock value has declined recently to only $0.20 after trading over $1.00 early in 2007.

Products

The company's primary product, still under development, is the single-seat AirScooter II, which is intended to be classified as an ultralight aircraft. It is expected to weigh 254 lbs and be powered by a single 65-hp four-stroke engine capable of carrying a load of up to 350 lbs.Harvard reference | Surname=Hutchinson| Given=Alex | Title=Flying Solo | Journal=Popular Mechanics | Volume=183 | Issue=12 | Mont=December|Year=2006|ID=ISSN 0032-4558| Page=28 ] Although its operating ceiling is around 10,000 ft (2 700 m), the AirScooter II is incapable of autorotation emergency descent, and is intended for recreational flying at low altitude, i.e., at or below 50 ft (15 m) above ground level (AGL).

Production of the AirScooter II was originally expected to begin in 2005. Production was pushed back to 2006 and then later targeted for 2007. [ [http://news.zdnet.com/2100-1040-5672783.html "Get ready for the AirScooter" - ZDNet News: Apr 15, 2005] ] [ [http://news.zdnet.com/2100-9584_22-6139682.html "A slow liftoff for the personal helicopter" - ZDNet News: Nov 30, 2006] ] As of January 4, 2008, production has not yet been announced. Any definitive plans for production and sales of the Airscooter II would surely boost stock price.

Competition

Gene corporation of Japan sells a personal helicopter named the GEN H-4. It it sold as an assembly kit and is available in Japan for 3,780,000 Yen ($32,500). [ [http://www.newlaunches.com/archives/the_worlds_smallest_one_person_helicopter.php "The World's smallest one person helicopter" - newlaunches.com] ] . AceCraft USA is the licensed distributor in the US and sells the GEN H-4 kit for $30,000. [ [http://www.acecraftusa.com/ AceCraft USA] ]

Key people

Corporate officers

* Dwaine R. Barnes, President (3.5% ownership)
* Elwood "Woody" Norris, Co-Founder and Chairman (34.4% ownership)
* James "Jim" Barnes, Co-Founder and Secretary (14.0% ownership)
* David A. Polis, Treasurer (1.7% ownership)

Significant shareholders

* Canusa Trading, LTD, Bermuda (13.1% ownership)
* Jerry E. Polis (11.0% ownership)

Related parties

* Dwaine R. Barnes and James "Jim" Barnes are brothers.
* David A. Polis is the son of Jerry E. Polis

Corporate address

AirScooter is located at 980 American Pacific Drive, #111, Henderson, Nevada 89014. This is also the address of ASI Technology Corporation founded by Jerry E. Polis, an associate of Woody Norris and Jim Barnes in other public and private ventures, according to public records.

References

External links

* [http://www.airscooter.com AirScooter Corporation Web site]
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* [http://www.cbsnews.com/stories/2005/04/15/60minutes/main688454.shtml CBS News, 17 April 2005: Flying Cars Ready To Take Off]