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Monday, November 5, 2007

Twenty Seaters Not Dead?

Integrity Aircraft Holdings said it would develop a new 18- to 20-seat, single-engine aircraft. The Nevis, West Indies company picked the Honeywell TPE-331-12/1100 to power the $1.9 million Integrity aircraft. This is the second “new” 19-seater with the first being a new version of the venerable de Havilland Twin Otter. Related Story www.aviationtoday.com/ran/categories/commercial/10858.html The aircraft is still on the drawing board but CEO Peter Van Dyke hopes for certification for the Integrity, which looks for all the world like a single-engine Pilatus Britten-Norman Islander, to Part 23 next year.

The company announced from its Coral Gables, Fla. office that it was recently acquired by Three Sixty, Inc and renamed Integrity Aircraft Holdings. The agreement, announced in October, will be consummated with a share swap in which the ownership of Integrity Aircraft Holdings Limited will receive restricted preferred shares in exchange for 100 percent of all the outstanding stock of the privately held Integrity Aircraft Holdings Limited.
The move included the resignation of former president and CEO Michelle Shearer on September 14 and the naming of Peter Van Dyke, who has acquired the controlling interest in Three Sixty, Inc., to succeed her. It said that Van Dyke “will take the company in a new and more potentially lucrative direction in the aviation arena.” Van Dyke served as president of M.B.W and Premier Aviation Group, Inc. as well as the chair of Jamaica Airlink. Van Dyke has 40 years of sales, marketing, product distribution and management experience. He was district sales manager for Meyer Hydraulics Corp. He was elected to the Kane County Board of Supervisors, and served on the board of Triumph National Bank in Illinois for seven years.
"I am totally committed to the success of this company and increasing shareholder value,” said Van Dyke. “I am not interested in the past history of the company. I am interested in moving forward in a positive fashion and doing business.”
In announcing the proposed aircraft, the company called it unique. "The Integrity will be powered by a high-horse-power turbine located high up in the tail fin and using Jet-A fuel,” said Van Dyke. “The company holds a patent in the United States that protects the Integrity engine installation and the new overall design concept. Massive savings will be realized in the certification of the basic airframe design, certifications and capabilities as we have already acquired certain Intellectual Properties of previously developed aircraft that will be utilized in the manufacturing of this aircraft.”
With a max ramp weight of 10,000 pounds, the Integrity will cruise at 170 knots with a range of more than 1,000 nautical miles. “[It] can, on a regular basis, have a short take off and landing (STOL) capability, and can land on grass, sand, and unimproved runways,” said Van Dyke. “Most importantly, Integrity creates the possibility to service areas previously inaccessible for this size aircraft. It is a unique aircraft and is the most economical means, both in acquisition and operational costs as well as cost per seat, for moving 18 to 20 passengers by air. There is nothing like it on the market. It is my opinion that we will have no direct competition. Additionally, no new aircraft design could possibly recoup the massive development cost and compete with the acquisition costs. It will be produced at a low cost and will sell with an excellent margin, priced so that small airlines will be able to acquire it.”
Honeywell, which produces the original TPE 331 engine that helped build the U.S. regional airline industry, said the Integrity program “appears they have the right airframe for the right market at the right time." Its propeller is the McCauley 5 Blade 87.
While an investor’s site which carried the manufacturer’s press releases and stock information indicated the company’s website was www.integrityaircraft.com, the URL linked to a general aviation listings site. However, Wikipedia did have a listing which said: “Integrity is a manufacturer of general aviation aircraft, located in Nevis, West Indies with additional offices located in Australia and Florida. In September 2007, Integrity Aircraft announced that they are developing a prototype, known as the Integrity, that will be a 20-seat, tail-mounted turboprop with STOL capabilities.”