Quest Aircraft Co,, manufacturer of the KODIAK, has completed a financing transaction for recapitalization and new investment. The additional funding is from private investors and will provide the company with continued financial stability, as well as allow it to ramp up production, according to company officials.
“The last two years have been extremely challenging for the aviation industry, and Quest is no exception,” said Paul Schaller, president and CEO. “We have injected equity into Quest which allows us to significantly reduce debt, ramp up production and invest in customer service centers. This positions Quest to meet the needs of multiple market segments as the general aviation industry continues to recover.”
Customer deliveries began in late 2007, and the KODIAK has since been deployed in more than 10 countries around the world in a variety of applications. KODIAKs are in service with charter operators, small businesses, personal owners, skydiving operations, U.S. and international governments, and humanitarian organizations. This past summer, Quest delivered nine float-equipped KODIAKs to the U.S. Fish and Wildlife Service.
“I am pleased at the progress the Quest team has made in a relatively short period of time,” continued Schaller. “Since receiving our FAA certification in May 2007, the KODIAK has received certification in Canada, Indonesia, Papua New Guinea, and South Africa, and we are currently working on Brazilian certification with Australian to follow. We have made several enhancements to the aircraft including float certification, an increase in the max gross weight, and most recently certification of the TKS ice protection system.”
The company is also investing in customer service and continuing the establishment of the KODIAK network of service partners. Late last year, Wipaire, Inc. was named the first factory-authorized service center for the KODIAK. The company expects to appoint several other service centers in the next few months.
Quest is also increasing its sales and marketing efforts. The company now has six North American sales representatives strategically located throughout the United States. Quest will have a large display at the upcoming Sun ‘n Fun in Lakeland, Fla., March 29-April 3. This is its first attendance at this important industry event. The company’s website has also been enhanced and reflects the renewed marketing initiatives.