Boyd findings inaccurate, Extra CEO says
MONTROSE — Findings in a report commissioned by the Montrose County Commission released Thursday contain many inaccuracies and omissions, according to Ken Keith, CEO of Extra Aircraft, the company at the center of the report.
Speaking from his home in Avon this morning, Keith cited inaccurate accounting practices on behalf of the Boyd Group International, authors of the due diligence report. He said the company omitted information that made Extra Aircraft appear to be taking little to no risk in trying to build an aircraft manufacturing facility in Montrose.
“The report didn’t mention our contribution of assets for the risk. For Boyd to avoid this is unconscionable,” Keith said.
Keith referred to the response his company made that Extra Aircraft has capital in excess of $3 million to invest in a Montrose facility.
“Extra Aircraft has made it clear that it has approximately $3,000,000 in unencumbered Extra 500 composite airframes, tooling, equipment, parts and intellectual rights that will be transferred to the Montrose facility as a capital contribution to the North American facility,” Extra’s response stated.
“Where does this come from, where they’re willing to throw this out? That alone to me would make cause for the county to toss the whole thing into the garbage can,” Keith added.
Extra Aircraft LP is looking to open a manufacturing facility at the Montrose Regional Airport, where the company plans to build the Extra Aircraft 500, a six-seat, single-engine turboprop business craft.
The Boyd report, commissioned by the Montrose County Commission, was part of the county’s due diligence before any deal would be finalized.
For the full story in the Saturday edition of The Daily Sentinel.