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.
Source: Press Release