Sino Swearingen Is Now Emivest
It seems likely that Ed Swearingen's dream will come true as the SJ30 that he's devoted much of his life to has caught the eye of some folks with practically bottomless pockets. Officials of Emivest, the United Arab Emirates company that bought 80 percent of Sino Swearingen in a deal that closed two months ago, declined to discuss the financial details of the rescue but left little doubt that mere money wasn't going to get in the way of bringing the speedy little jet to market. "The most important thing to discuss is fulfilling the potential of this aircraft," Ali Rashid Al Mazrouei, chairman of the board of directors of Emivest told a news conference at the National Business Aviation Association convention in Orlando. He said the company is still digesting its acquisition but insisted the aircraft will be put into production and could be the foundation for a family of aircraft.
The SJ30 was certified in 2006, and two aircraft were delivered before the former lead investor, the Taiwanese government, withdrew support and started shopping for a buyer. Taiwan remains a small shareholder, along with a list of other investors, including Ed Swearingen, who was on hand for the NBAA press event.