SOURCE: Red Bull Stratos

Red Bull Stratos

October 12, 2010 14:00 ET

Statement Regarding Red Bull Stratos

SANTA MONICA, CA--(Marketwire - October 12, 2010) -  Red Bull GmbH and Red Bull North America, Inc. have decided to stop the Red Bull Stratos program with immediate effect. 

Felix Baumgartner had been scheduled to undertake a stratospheric balloon flight to 120,000 feet and attempt a freefall jump that would, for the first time, reach supersonic speeds as well as deliver valuable scientific data.

Despite the fact that many other people over the past 50 years have tried to break Colonel (Ret.) Joe Kittinger's record, and that other individuals have sought to work with Red Bull in an attempt to break his record, Mr. Hogan claims to own certain rights to the project and filed a lawsuit earlier this year in a Californian court. Red Bull has acted appropriately in its prior dealings with Mr. Hogan, and will demonstrate this as the case progresses. Due to the lawsuit, we have decided to stop the project until this case has been resolved.

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