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Eclipse 500 Cruise Speed Increases 20 Kts; Eclipse Aviation Confirms Commitment to Deliver Breakthrough Jet for Under $1 Million
Eclipse releases updated customer guarantees and firm price for jet in anticipation of upcoming engine announcement
ALBUQUERQUE, NM - February 3, 2003 - At a meeting that drew more than 300 Eclipse 500 customers and investors to Albuquerque last week, Eclipse Aviation revealed that its breakthrough Eclipse 500 jet will cruise at 375 kts (431 miles per hour), an increase of 20 kts over the previous 355 kts (408 miles per hour) max cruise speed.
Also, ending months of speculation that the price of the Eclipse 500 would move above the $1 million mark, Eclipse confirmed that it would deliver the aircraft at a firm price of $950,000 for customers with non-escrowed deposits and $975,000 for customers whose deposits remain in escrow. Eclipse will deliver its full order book, more than 2,200 aircraft, at a sub-$1 million price tag.
While Eclipse CEO Vern Raburn told customers and investors that a deal with a world-class engine supplier is imminent, he declined to provide specifics.
Eclipse to Meet or Exceed Critical Performance Guarantees
The new 375 kts max cruise speed is a full 20 kts faster than the originally guaranteed speed of 355 kts. In addition to exceeding its cruise speed guarantee, Eclipse confirmed that it would meet or exceed its original range and payload guarantees.
- Range will be 1,280 nm, meeting the original guarantee
- Payload will increase from 2,000 lbs to 2,250 lbs, a 13 percent improvement
Eclipse reported that projected stall speed will increase slightly to 67 kts and that the aircraft certification date will move to Q1 2006.
“In light of the change in engine manufacturers, I'm impressed that Eclipse is stepping up at this time and committing to a final price,” said Kevin Padrick, Eclipse 500 customer. “Honestly, many people in aviation, Eclipse customers included, wondered whether they would really be able to deliver this aircraft for under a million. From what I heard at the meeting, Eclipse is still the only company positioned to deliver a world-class jet at anything near this price point.”
Eclipse to Deliver 2,200 Jets Under $1 Million
Eclipse Aviation created the burgeoning ultra-light jet category and remains the only company committed to delivering a twin-engine jet aircraft at under $1 million. Eclipse's current order book totals 2,102 aircraft priced at less than $1 million, and Eclipse will sell an additional 100 aircraft at this price. Effective as early as serial number 1,553, the price will increase to $1,175,000 for all new orders. The remainder of the 2,102 order book represents fleet customers with aircraft orders that will be delivered over several years. All prices are set in June 2000 economics.
“We know the updated performance of the aircraft, and we're prepared to commit to it. Reflecting our confidence, we are now eliminating our earlier contractual flexibility to change the aircraft price,” said Vern Raburn, CEO and president of Eclipse Aviation. “Our cost of goods is finalized, and we are pleased that we can now firmly set the price at which we will deliver the aircraft to our customers. We're extremely proud that we've kept the aircraft under $1 million, especially since the Eclipse 500 will now deliver improved performance over our past guarantees.”
The information about the Eclipse 500 was disclosed at Eclipse's Customer and Investor InfoSession, held in Albuquerque on January 31. During the meeting, Eclipse previewed its first training module and designs for optional equipment. The company also provided an in-depth briefing on the Avio Intelligent Flight System.
Also, ending months of speculation that the price of the Eclipse 500 would move above the $1 million mark, Eclipse confirmed that it would deliver the aircraft at a firm price of $950,000 for customers with non-escrowed deposits and $975,000 for customers whose deposits remain in escrow. Eclipse will deliver its full order book, more than 2,200 aircraft, at a sub-$1 million price tag.
While Eclipse CEO Vern Raburn told customers and investors that a deal with a world-class engine supplier is imminent, he declined to provide specifics.
Eclipse to Meet or Exceed Critical Performance Guarantees
The new 375 kts max cruise speed is a full 20 kts faster than the originally guaranteed speed of 355 kts. In addition to exceeding its cruise speed guarantee, Eclipse confirmed that it would meet or exceed its original range and payload guarantees.
- Range will be 1,280 nm, meeting the original guarantee
- Payload will increase from 2,000 lbs to 2,250 lbs, a 13 percent improvement
Eclipse reported that projected stall speed will increase slightly to 67 kts and that the aircraft certification date will move to Q1 2006.
“In light of the change in engine manufacturers, I'm impressed that Eclipse is stepping up at this time and committing to a final price,” said Kevin Padrick, Eclipse 500 customer. “Honestly, many people in aviation, Eclipse customers included, wondered whether they would really be able to deliver this aircraft for under a million. From what I heard at the meeting, Eclipse is still the only company positioned to deliver a world-class jet at anything near this price point.”
Eclipse to Deliver 2,200 Jets Under $1 Million
Eclipse Aviation created the burgeoning ultra-light jet category and remains the only company committed to delivering a twin-engine jet aircraft at under $1 million. Eclipse's current order book totals 2,102 aircraft priced at less than $1 million, and Eclipse will sell an additional 100 aircraft at this price. Effective as early as serial number 1,553, the price will increase to $1,175,000 for all new orders. The remainder of the 2,102 order book represents fleet customers with aircraft orders that will be delivered over several years. All prices are set in June 2000 economics.
“We know the updated performance of the aircraft, and we're prepared to commit to it. Reflecting our confidence, we are now eliminating our earlier contractual flexibility to change the aircraft price,” said Vern Raburn, CEO and president of Eclipse Aviation. “Our cost of goods is finalized, and we are pleased that we can now firmly set the price at which we will deliver the aircraft to our customers. We're extremely proud that we've kept the aircraft under $1 million, especially since the Eclipse 500 will now deliver improved performance over our past guarantees.”
The information about the Eclipse 500 was disclosed at Eclipse's Customer and Investor InfoSession, held in Albuquerque on January 31. During the meeting, Eclipse previewed its first training module and designs for optional equipment. The company also provided an in-depth briefing on the Avio Intelligent Flight System.
About Eclipse:
Eclipse Aviation is in the business of designing, certifying and producing modern, affordable jet aircraft that will revolutionize the transportation market. The company is applying advanced electronics systems, manufacturing and business practices to produce aircraft that cost less than a quarter of today's small jet aircraft, will be significantly safer and easier to operate than those of today, and have the lowest cost of ownership ever achieved in a jet aircraft.
The goal of Eclipse is to bring the word "personal" into aviation, making it possible for commercial air passengers to move directly between cities on a quick, affordable and convenient basis. It will also allow pilot owners to enter the world of jet-powered aviation.