Adam Aircraft to Auction off Assets in Bankruptcy, GoIndustry-DoveBid to Conduct the Auction

. April 3, 2008

LOS ANGELES – GoIndustry-DoveBid, the leading global provider of capital asset management and valuation services, has been appointed by the United States Bankruptcy Court of Colorado and trustee of Adam Aircraft Industries to manage the sale of its assets.

Founded in 1998, Adam Aircraft (www.adamaircraft.com) designed and manufactured a family of innovative general aviation aircraft, including the centerline thrust, twin-engine A500, and the A700 twin-engine very light jet. The A500 aircraft has been Type Certified by the FAA; and the A700, at the time of bankruptcy filing, was undergoing flight test and development with certification anticipated in late 2008. The company used computer-aided design, rapid prototyping, advanced manufacturing techniques, and carbon composite materials to produce high-performance aircraft at attractive prices. Operations of the Colorado facilities were suspended in February 2008. The Company employed approximately 800 skilled workers and engineers.

The Company is being offered as an Enterprise Sale with bids in excess of $10 million due on April 3, 2008. If an acceptable bid is not received, assets will be sold in a Webcast / Online auction conducted live in Englewood, Colorado and over the Internet at www.dovebid.com on April 30 and May 1, 2008, beginning at 9:00 a.m. Mountain Time each day.

This multi-million dollar absolute auction will feature over 1,500 lots; and all material will be sold. Featured assets include Aircraft, Engines, Avionics, Parts Inventory, Heavy Machinery, Tooling, Ovens, QC and Inspection Equipment, Interiors, Raw Material, GSE, and hundreds of Complete Workstations, Servers and IT Equipment. The Intellectual Property is also available for sale to a party who will want to continue the development of this well designed aircraft. Participants may attend in person or bid online. Detailed preview information, asset catalog, and online bidding instructions are available at www.dovebid.com.

“We are pleased to have been chosen by the trustee to conduct the sale of the assets from Adam Aircraft, a premier aircraft manufacturer. GoIndustry-DoveBid is ideally positioned to assist companies in selling surplus assets for maximum market value to an extensive network of global buyers,” said David Weiss – Director of Business Development, GoIndustry-DoveBid.

Airlines, OEM’s, and Global 2000 companies recognize the tremendous value in this service and utilize GoIndustry-DoveBid to sell their surplus equipment. Bidders from over 20 countries bid on assets located in the US, UK, and Europe every month in the Aviation Equipment Exchange (AVX).

About GoIndustry-DoveBid

DoveBid was founded in 1937. GoIndustry, with its recent acquisition of DoveBid, becomes the global market leader in the valuation and sale of surplus industrial machinery and equipment. The Company combines traditional asset sales experience with innovative eCommerce technology and advanced direct marketing to service the needs of corporations, insolvency practitioners, dealers and asset based lenders around the world.

Category: Auction News

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