Len Lanetti
Cleared for Takeoff
LATEST NEWS
The Business Journal (Minneapolis/St. Paul) - 3:27 PM CDT Monday
Ballistic Recovery buys aviation safety company
http://www.bizjournals.com/search/b...&am=twincities&q=""&f=byline&am=120_days&r=20[font=Times New Roman,Times,Serif]Ballistic Recovery Systems Inc. announced Monday that it has signed a non-binding letter of intent to buy Free Flight Enterprises, an aviation safety company based in Lake Elsinore, Calif.
South St. Paul-based Ballistic Recovery -- which makes emergency parachute systems for airplanes -- did not release terms of the deal, which is expected to close in early summer.
"This acquisition of Free Flight Enterprises is a part of our strategy to expand our focus and provide products to a much wider market than we have addressed previously," said Larry Williams, president and chief operating officer of Ballistic Recovery, in a statement.
Free Flight makes emergency parachute systems for commercial and recreational aircraft, including ultra-lights, hang gliders and parafoils.
Free Flight President Gary Douris will continue to manage the company's daily operations, which will remain at its current headquarters in California.
Ballistic Recovery (OTC Bulletin Board: BRSI.OB) shares closed down 54 cents, or 12.4 percent, at $3.80 on Monday.
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The Business Journal (Minneapolis/St. Paul) - 3:27 PM CDT Monday
Ballistic Recovery buys aviation safety company
http://www.bizjournals.com/search/b...&am=twincities&q=""&f=byline&am=120_days&r=20[font=Times New Roman,Times,Serif]Ballistic Recovery Systems Inc. announced Monday that it has signed a non-binding letter of intent to buy Free Flight Enterprises, an aviation safety company based in Lake Elsinore, Calif.
South St. Paul-based Ballistic Recovery -- which makes emergency parachute systems for airplanes -- did not release terms of the deal, which is expected to close in early summer.
"This acquisition of Free Flight Enterprises is a part of our strategy to expand our focus and provide products to a much wider market than we have addressed previously," said Larry Williams, president and chief operating officer of Ballistic Recovery, in a statement.
Free Flight makes emergency parachute systems for commercial and recreational aircraft, including ultra-lights, hang gliders and parafoils.
Free Flight President Gary Douris will continue to manage the company's daily operations, which will remain at its current headquarters in California.
Ballistic Recovery (OTC Bulletin Board: BRSI.OB) shares closed down 54 cents, or 12.4 percent, at $3.80 on Monday.
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