CubCrafters Acquires Summit Aircraft Skis
A Summit Ski equipped Carbon Cub FX-3 explores the wintertime backcountry in Washington State
(Photo credit: Courtesy of CubCrafters)
YAKIMA, Wash., Dec. 21, 2022 (GLOBE NEWSWIRE) -- via InvestorWire – CubCrafters, the leading designer and manufacturer of Part 23 Certified, Light-Sport, and Experimental backcountry aircraft, announced today the acquisition of Summit Aircraft Skis, including the company’s design and manufacturing assets, unique patents and related intellectual property, from the Summit Aircraft Corporation of Sandpoint, Idaho.
Summit Aircraft Skis are favored by Carbon Cub aircraft owners and preferred by the owners of many other types of non-CubCrafters manufactured backcountry capable aircraft. The unique ski design allows pilots to quickly and easily configure their aircraft to fly to many remote and primitive areas that would otherwise be inaccessible in winter when runways are not maintained.
“We are very excited and pleased to welcome Summit’s customers and products into our family here in Yakima,” said Patrick Horgan, CubCrafters President and CEO. “It has been a joy for our team to work together with Mike Custard, Summit’s founder, to coordinate a smooth ski manufacturing transition. Adding Summit Skis to the CubCrafters product lineup allows us to better meet our customers’ needs and adds a new profit center. We see a great potential for growth with the Summit brand that we want to be a part of going forward.”
Horgan went on to explain that the strategic acquisition brings together the talent of CubCrafters and Summit Ski to promote a robust patented design that significantly improves value for consumers. Manufacturing of skis has already begun in Yakima and going forward Summit Skis will continue to be available on both CubCrafters aircraft and competing aircraft from other manufacturers as well.
“Summit Skis, when combined with the outstanding wintertime defrost and cabin heater technology used on our FX-3 model, makes that aircraft the ultimate ski airplane.” stated Brad Damm, CubCrafters’ vice president. “The acquisition is part of an ambitious growth and business development strategy that has been supported by the outstanding early success of our recently announced public stock offering.”
CubCrafters has recently been qualified by the Securities and Exchange Commission to make a $50 million public stock offering under Regulation A+, which allows investors at all levels to purchase stock in the company for the first time in the 42-year history of the company. Interested investors can go to www.manhattanstreetcapital.com/cubcrafters for more information on the investment process.
Mike Custard, founder of Summit Aircraft Corporation, observed that the innovative Summit Ski design utilizes a patented bolt-on attachment bracket that completely eliminates the need to weld skis to the landing gear and attachments, unlike other more traditional industry products. The Summit ski design offers lower weight and lower profile aerodynamics than most competitors’ penetration skis.
“Our like-minded drive for high quality innovation is one of the main reasons we chose CubCrafters as our successor,” stated Mike Custard, founder of Summit Aircraft Corporation. “CubCrafters’ leadership, its people, and facilities are all outstanding. The tooling and construction techniques are familiar to the CubCrafters’ composites facility and staff.”
“I will remain onboard for some time to ensure that the transition is smooth and that this is a great move for both our customers and the future of aircraft ski development and manufacturing,” Custard added.
According to Bob Breeden, an Alaska backcountry flying expert who uses Summit Skis on his Super Cub airplane, “I’ve been using Summits’ skis for some time now and they have enabled me to adventure further afield and discover and land in new, fresh places. I really love these skis and I’m very pleased to hear that they will be in CubCrafters’ capable hands going forward. I know the team there will keep the innovation going and will ensure the skis are supported in the future.”
Founded in 1980 by Jim Richmond, CubCrafters’ roots are in the 80+ year history of classic grassroots aviation, but the company’s products and services are innovative and completely modern.
CubCrafters designs and manufactures Experimental, LSA, and Part 23 Certified aircraft. The Carbon Cub family of aircraft redefined expectations for the backcountry flying experience with innovative design, modern materials, powerful engines, and breathtaking performance. The company’s flagship XCub aircraft is offered in both nosewheel and tailwheel configurations, and substantially expands the mission profile of sport utility aircraft with higher speed, longer range, and larger payload. The key to our success is our ability to create unique value in the experience of personal adventure aviation.
1918 South 16th Avenue
Yakima, WA 98903
ABOUT SUMMIT AIRCRAFT CORPORATION
Founded by Mike Custard in Sandpoint, Idaho, Summit Aircraft offers builder assist programs to facilitate a rewarding experience in the construction of any experimental aircraft and components. The company specializes in carbon fiber experimental, tube and fabric and metal experimental aircraft. Summit’s innovative ski design is a light weight 100% Carbon Fiber structure using the “Monocoque” construction technique, which supports structural load by using the skis exterior structure, as opposed to using an internal frame that is then covered with a non-load-bearing outer skin. For additional information, visit: www.summitaircraft.com
ABOUT THE PUBLIC OFFERING
CubCrafters has been a privately held company for the first 40 years of its existence, but is now welcoming new public investment. Learn more at: https://cubcrafters.com/investors
Regulation A of Title IV of the JOBS Act allows mature startups and later-stage companies to raise as much as $75M per year from both accredited and non-accredited investors and provides that their investments will be liquid to the extent that the company raising capital lists its stock on an exchange or other trading forum. CubCrafters is accepting new investment from investors located in states other than Florida, New Jersey, Texas, and Washington via Regulation A at the following link: https://www.manhattanstreetcapital.com/cubcrafters
Please note that under Regulation A, people of any wealth level can invest, but non-accredited investors are limited to no more than 10% of their income or net worth per year.
CubCrafters is also accepting investments from non-accredited investors in the states of Florida, New Jersey, Texas, and Washington via Regulation CF. More information about investing via Regulation CF is here: https://marketplace.title3funds.com/offers/PreviewOffers/cub-crafters
If you are an accredited investor, you can also invest via our Regulation D private placement offering. To qualify as an accredited investor, you must meet one of the following criteria:
- You must have a net worth of over $1 million, excluding your primary residence. This can be either individually or include with a spouse or partner.
- You must have an annual income of over $200,000 as an individual, or an annual income of over $300,000 when qualifying with a spouse or partner.
To learn more about making a private placement investment in CubCrafters via Regulation D, or to ask any other questions, please email CubCrafters directly at: firstname.lastname@example.org
IMPORTANT LEGAL DISCLAIMER
THE OFFERING MATERIALS WE PROVIDE MAY CONTAIN FORWARD-LOOKING STATEMENTS AND INFORMATION RELATING TO, AMONG OTHER THINGS, THE COMPANY, ITS BUSINESS PLAN AND STRATEGY, AND ITS INDUSTRY. THESE FORWARD-LOOKING STATEMENTS ARE BASED ON THE BELIEFS OF, ASSUMPTIONS MADE BY, AND INFORMATION CURRENTLY AVAILABLE TO THE COMPANY’S MANAGEMENT. WHEN USED IN THE OFFERING MATERIALS, THE WORDS “ESTIMATE,” “PROJECT,” “BELIEVE,” “ANTICIPATE,” “INTEND,” “EXPECT” AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY FORWARD-LOOKING STATEMENTS. THESE STATEMENTS REFLECT MANAGEMENT’S CURRENT VIEWS WITH RESPECT TO FUTURE EVENTS AND ARE SUBJECT TO RISKS AND UNCERTAINTIES THAT COULD CAUSE THE COMPANY’S ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE CONTAINED IN THE FORWARD-LOOKING STATEMENTS. INVESTORS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING STATEMENTS, WHICH SPEAK ONLY AS OF THE DATE ON WHICH THEY ARE MADE. THE COMPANY DOES NOT UNDERTAKE ANY OBLIGATION TO REVISE OR UPDATE THESE FORWARD-LOOKING STATEMENTS TO REFLECT EVENTS OR CIRCUMSTANCES AFTER SUCH DATE OR TO REFLECT THE OCCURRENCE OF UNANTICIPATED EVENTS.
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CubCrafters Vice President