CybAero receives recall of previously obtained export authorization.
CybAero has received a recall of a previously issued export license from the ISP – The Inspectorate of Strategic Products. The export authorization referred to a helicopter system for demonstration flights in China with the end customer AVIC. On February 20, 2017, CybAero had previously informed investors that the ISP had rejected a new application to export one helicopter system for demonstartion flights in China where the end receiver was also AVIC Supply and Marketing Huabei CO., LTD.
CybAero will continue to examine its chances for a different outcome on appeal and the likelihood of any future export authorizations to AVIC.
CybAero has informed ACC its exclusive agent and distributor in China of the ISP’s decision and ACC has agreed to start unconditional discussions about a new frame agreement and a new helicopter contract in good faith.
As mentioned in the February release, the ISP's decision does not affect the ongoing Factory Acceptance Tests of three systems with Jolly in China.
Contact:
Michael Auerbach, Chairman of the Board
Telephone: 013-465 29 00
Email: ir@cybaero.se
This information is information that CybAero AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:15 CET on April 12 2017.
Web: www.cybaero.se Videos: www.youtube.com/cybaero
About CybAero
CybAero develops and manufactures Remotely Piloted Aircraft Systems (RPAS) for safer and more effective aerial operations in various environments, including those hazardous in nature. The company has made a great international impact with its APID One helicopter, which can be adapted for both military and civilian applications such as coastal and border surveillance, search and rescue missions, and mapping. CybAero’s head office is located in the Mjärdevi Science Park in Linköping, Sweden. The company has around 50 employees and has been listed on the Nasdaq First North since 2007. FNCA Sweden AB is the company's certified adviser.