The personal jet market just got a little smaller as Aviation Technology Group discontinued development of its Javelin due to cash flow issues.
The Colorado-based company issued a press release Dec. 18 that stated: “ATG, with help from a Wall Street banking institution, has been seeking funding to continue its Javelin high performance business jet and military trainer for the past 12 months. Due to circumstances beyond ATG’s control, it is unlikely that adequate funding can be secured in a timely manner. ATG has therefore decided to halt development of the Javelin at this time. Further action will be decided upon after proper communication with our strategic business partner.”
Calls to ATG had not been returned by press time.
In November the company announced that it was working with Citigroup to try to obtain long-term funding, but when that was not successful there was no choice but to cut operations. Approximately 40 of ATG’s 50 employees were let go in mid-December. The company has two hangars in Colorado, one at Centennial Airport (APA) in Englewood, the other at Front Range Airport (FTG) in Denver.
The Javelin, which started as a clean sheet design by George Bye, has been under development since 1998. In a previous interview with General Aviation News, Bye described the Javelin as the sports car of the personal jet world. The prototype made its first gear-up flight in February 2006.
The company hoped to receive final FAA certification by 2009 and then begin delivering planes to customers.
Approximately 150 orders had been placed for the jet. Many of the deposits are refundable so most customers can get their money back.