Friday, 12 September 2008

First Chinese Cheque Arrives

AeroMechanical Services Ltd.,(TSX:V-AMA)
Basic Shares: 81 million
Fully Diluted: 93 million


The $48 thousand payment for two blueboxes to be installed in aircraft owned by Shanghai Airlines is one small cheque for AeroMechanical.

But, if you'll forgive the mixed metaphor, it should be one giant step up the mountain of contracted Chinese aircraft AMA has secured.

With this first cheque announcement on Sept. 12th, that leaves 500+ more aircraft through four other Chinese airlines that are contracted to install AMA's technology.

(The price for these first two blueboxes was discounted because it was the first Chinese airline to act and the number of functions the blueboxes will perform was scaled back from the norm.)

Although the news release on the payment amounted to two small paragraphs, the work that went into securing that first payment was nothing short of extraordinary.

It has taken four intense and frequently frustrating years of work by AMA Chairman and CEO, Bill Tempany, and AMA's VP of China, Michael Fang, to secure this payment, not to mention the work required to sign up 500 more aircraft.

Lesser lights might have walked away with the first major deadline for initial installations that were missed. But Messeurs Tempany and Fang hung on through that first dashed timeline and several others over the years before arriving at today's news.

It should be a day to relax and celebrate.

But as usual, everyone at AMA is working on additional business throughout the world.

Mr. Tempany, for example, was winging his way back from New York having spent three days giving corporate presentations to financial heavyweights in that city and Toronto.

Mr. Fang was working out of his Chinese office on other business there.

To read the full news release on the arrival of the cheques, please click here.