Skyflyer Inc.
OTC Bulletin Board : SKFL

March 05, 2007 03:00 ET

Skyflyer Announces Private Placement of EUR 500,000

POINT ROBERTS, WASHINGTON--(CCNMatthews - March 5, 2007) - Skyflyer Inc. (OTCBB:SKFL) (the "Company") announced today that its board of directors has approved an offering to raise up to 500,000 Euros on a private placement basis. The Company will sell up to 1,041,666 units at a price of $0.60 per unit for total proceeds of US $625,000 (approximately EUR 500,000). Each unit will consist of one common share and one share purchase warrant with each warrant entitling the holder to purchase an additional common share at a price of $0.75 per share for a period of two years from closing. The offering will be made in accordance with exemptions from applicable securities laws. There is no assurance that any units will be sold under the offering.

The Company's President and CEO, Rolf Horchler, stated, "The Company is excited to announce that the purpose of this offering is to allow it to begin the first stage of its business plan, being the construction of a full-scale prototype of its VTOL (vertical take-off and landing) flying device. The Company is anxious to commence its development efforts, and hopes to be able to do so upon closing of this offering."

Skyflyer Inc. carries out its business through its wholly owned subsidiary, Skyflyer Technology GmbH, based in Wegberg-Wildenrath, North Rhine-Westphalia, Germany. Skyflyer Technology GmbH is in the process of developing the Skyflyer VTOL vehicle, a unique flying device developed by its team of scientists and technicians for use in a variety of recreational applications, and is intended for use in an electronically and/or physically controlled airspace. The design of the Skyflyer VTOL is protected by several patents and trademarks.

This Press Release may contain, in addition to historical information, forward-looking statements. These forward-looking statements are based on management's expectations and beliefs, and may involve known and unknown risks and uncertainties and other factors that may cause the actual results to be materially different from the results implied herein. In particular there is no assurance that any units will be sold or that the private placement will be completed. In addition, even if the private placement is completed, there are no assurances that the Company's development plan for its VTOL flying device will be successful.

Readers are cautioned not to place undue reliance on the forward-looking statements made in this Press Release.

SKYFLYER INC.

Rolf G. Horchler, President

Contact Information

  • Skyflyer Inc.
    Rolf G. Horchler
    President
    (360) 927-7354