AeroSat Secures Funds for Major Expansion
$14 million to be used to expand product line and production capacity
May 29, 2008
Amherst, N.H. - May 29, 2008 - AeroSat Corporation, a leading aviation communications supplier, announced today that it has received $14 million in investment funds, a sum which will allow the company to continue expanding its product line and production capacity. "Our growth in the past five years has been dramatic - we have more than quadrupled our workforce and we are increasing our production capacity tenfold," said AeroSat CEO Michael Barrett. "This is an exciting time for us, and we expect our growth to continue due to the rising demand for in-flight connectivity." The company anticipates the addition of 40 employees by year end.
AeroSat has expanded its product line over the past 18 months with the development of a new broadband antenna system. The system enables aircraft to connect to the Internet while in-flight, providing wireless connectivity, television, cell phone service, and text messaging to passengers on commercial airlines and business jets. AeroSat is contracted to provide its system to several major airlines. The first installations are scheduled to take place this summer. AeroSat has shipped over 300 Ku band antennas from its existing airborne television and communications product line. These antennas are flying on over 30 different aircraft types, and they are installed on the aircraft production line at Airbus.
The company received the funds for expansion from existing investors CAI Managers & Co., a private equity firm with offices in Toronto, Montreal, Vancouver, and New York, and AeroEquity, Inc., a private investment firm dedicated to helping companies in the aviation industry. New investor PAR Capital Management, based in Boston, also participated in the round. "We're pleased to add PAR Capital to our base of investors," said Barrett. "They bring to the table a great deal of knowledge and experience in the aviation market."
As part of its expansion, AeroSat has leased a new facility at 9 Townsend West in Nashua, NH. The 54,000 square foot facility represents a considerable increase in space for the company, which currently operates in 12,000 square feet. AeroSat will make the move to the new facility beginning in August. The facility will house the most advanced indoor antenna test range in the Northeast, as well as automated systems for the volume production and testing of antenna systems.
About AeroSat
AeroSat Corporation was founded in 1997. The company produces and distributes aviation communications solutions to increase the flow of in-flight information. From its patented core technologies, the company has created a product line of antenna systems for corporate and commercial aircraft. These systems enable the worldwide reception of television in aircraft, Internet satellite communications, and aircraft-to-aircraft communications.