MLER News Moller International's President Gives Up Over $1.3 Million
DAVIS, Calif.--(BUSINESS WIRE)--Moller International (OTCBB:MLER) announced today that its President,
Dr. Paul Moller, has voluntarily relinquished $1,303,861.43 in wages and
$145,386.20 in interest he had earned.
The move by the company’s founder is intended
to relieve the company of some of the backlog of debt from his voluntary
salary deferrals over the past several years. “I
am comfortable giving up these wages if it can help the Company,”
he said. “I have faith that we’re
going to come out of this cash-crunch shortly, but for now the Company
needs this money more than I do.”
“This is a sizable sum of money and the
elimination of these wage obligations is expected to have a beneficial
impact on our balance sheet,” said MI’s
Controller, Stacey Horigan. “I’m
not surprised by his actions…he is
extraordinarily dedicated to the success of this Company,”
she continued.
About Moller:
Moller International was formed in 1983 and is the developer of the
roadable Skycar® aircraft, a four-person
Vertical Takeoff and Landing Vehicle (VTOL) currently undergoing initial
flight-testing. The aircraft uses the Company’s
Rotapower® rotary engine designed
specifically for compact, high power-to-weight applications. The Skycar®
has the potential to provide an airborne alternative to a significant
portion of the miles now traveled by automobiles.
The Skycar® has been featured on a number of
TV programs including CBS 60 Minutes, “Highway
In the Sky,” NBC’s
Today Show “Today's American Story,”
and History Channel’s, “Greatest
Movie Gadgets: Then and Now.”
Moller International recently signed a Memorandum of Agreement that is
expected to lead to high volume production of its Rotapower®
rotary engine in Eastern Europe. This alliance which includes MI’s
exclusive Rotapower® engine licensee, Freedom
Motors (see www.freedom-motors.com)
is to be named Rotapower Limited and is anticipated to produce engines
for a wide variety of applications in the world market.
Except for historical matters contained herein, the matters discussed in
this press release are forward-looking and are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of
1995.
