SAN LUIS OBISPO, Calif., 16 March 2007. Xcelaero Corporation and AeroMech Engineering Inc. management have signed a letter of intent (LOI) outlining the merger of the two corporations. Under terms of the agreement, each company is treated as an equal entity in the transaction, although the products and services of the combined company will be marketed as Xcelaero.
Under the new organization, Xcelaero will create two divisions. The first will be responsible for all products and services sold into the commercial markets, while the other division will handle all defense and government applications.
All senior management and engineering resources will remain in place and the combined entity will leverage AeroMech's eight years of operational experience to institute financial, quality, and operational procedures across the entire company.
Thomas Akers, chief executive officer of AeroMech Engineering, says, "AeroMech looks forward to enhancing its proven track record designing, manufacturing, and repairing unmanned aircraft systems through Xcelaero's core competency in aerodynamic design."
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