Recent Price: $0.95

52 Week Bid Range: $0.60 - $3.50

Bus. Phone:  (530) 756-5086

Email: bruce@moller.com

BUSINESS SUMMARY:

Moller International, Inc. (OTC:  MLER) was founded in 1983 as a spin-off of Moller Corporation to continue to design, develop, manufacture and market personal vertical takeoff and landing aircraft (VTOL). The Company has developed and integrated the disparate technologies required for small, powered-lift VTOL aircraft. These include electronic stabilization and control systems, efficient ducted fan designs, thrust vectoring mechanisms and aerodynamically stable composite airframe structures. The single most significant technology is the Rotapower engine, a Wankel rotary engine, which Moller International has licensed to Freedom Motors, a “spin-off” of Moller International, to produce for typical recreational product and industrial applications.  Moller International retained all rights to the engine for aviation and ducted fan applications.

Thirty years ago, Company founder Dr. Paul Moller’s dream was to create a versatile, low maintenance, easy to operate, fast, economically viable, safe, environmentally responsible VTOL transportation solution, which he believes is now close at hand. The revolutionary M400 Skycar^ä aircraft is designed to be easy to use with all the benefits of a helicopter yet as fast or faster than most private fixed-wing aircraft.

The Company’s goal is to develop and put into use personal transport vehicles that are as safe, efficient, affordable, and easy-to-use as automobiles. These would, in theory, not be constrained by existing transportation networks, and would provide quick and convenient transport to any destination better than any alternative.

This vehicle should have a low environmental impact in terms of noise, emissions, and fuel consumption. Total costs of ownership over the life of the vehicle, including purchase price, operating costs and infrastructure costs are projected to be economically viable. These vehicles would be expected to compete with such alternatives as personal or mass transport vehicles, general aviation, commercial air travel, and rail or motor vehicles.

Moller has, in fact, created the initial prototype called the M400 Skycar^ä that has been receiving widespread media attention in recent months.  Moller expects the Skycar^ä to revolutionize transportation and to be one of the most important contributions to the aviation industry in a very long time!  Dr. Moller’s boyhood dream may soon become reality as the first manned flight in the M400 Skycarä aircraft is expected to take place by mid-2005.  The first tethered test of the Skycar^ä occurred in July 2001and the M400 now has more than 30 flights and this design has had over 2,000 hours of successful wind tunnel testing. Investors are encouraged to visit the Company’s informative website at www.moller.com to see pictures of this unique vehicle and read media commentary as well as detailed information about this exciting Company.

DR. PAUL S. MOLLER – THE VISIONARY GENIUS BEHIND THE “SKYCAR^ä”

As a child growing up in Southeastern British Columbia, Paul Moller was fascinated with flying and dreamed of inventing a flying machine that could be easily operated and maintained by the general public and yet was not as inherently dangerous, difficult to operate, or expensive as a helicopter.  As a young man, after graduating from Trade School, Paul met McGill University’s brilliant aeronautic professor, Dr. Barry Newman, at a Princeton symposium on the subject of the practicality of ground effect vehicles. Dr. Newman invited Paul into his graduate program even though Paul had never taken an undergraduate course in his life. In fact he had only taken three graduate courses. In less than three years Paul graduated with a Masters in Engineering and a Ph.D. from the prestigious McGill University. From 1963 to 1975 Dr. Moller served as Professor of Mechanical and Aeronautical Engineering at the University of California, Davis, where he developed the Aeronautical Engineering program. During his time with UC Davis, Dr. Moller had the opportunity to develop his "ideas" of VTOL in conjunction with undergraduate and graduate students.

In 1972 he founded Supertrapp Industries and was Chief Executive Officer, and Supertrapp became the most recognized international name in high-performance engine silencing systems. In 1983 he founded Moller International to develop powered lift aircraft. Supertrapp Industries was sold in 1988. Under Dr. Moller’s direction, Moller International completed contracts with NASA, NOSC, DARPA, NRL, Harry Diamond Labs, Hughes Aircraft Company, California Department of Transportation and the U.S. Army, Navy and Air Force. These contracts included the development and deployment of numerous unmanned aerial vehicles and Wankel based engines. Dr. Moller has received over 40 patents including the first U.S. patent on a fundamentally new form of powered lift aircraft. He is a world renowned feature lecturer and guest speaker on next-generation transportation systems.  

MOLLER’S STATE-OF-THE-ART FACLITY

Moller International leases a 34,500 square foot facility in Davis, California, adjacent to a four acre VTOL flight test area. This facility contains an electronics and computer engineering lab, a CAD/CAM lab, a computer controlled machining facility, composite airframe assembly facility, engine assembly and test facility, and sales, marketing, and administrative offices.

• Complete prototype machine and fabrication shop

• Composite fabrication shop

• Rotapower specific production equipment in place for volume engine fabrication

• Fully instrumented engine dynamometer test facilities

• 250 mph wind tunnel

• Four acre VTOL flight test area

• Electronics development laboratory: Electronics CAD capability with state-of-the-art field programmable gate array technology for fast turn around in diverse markets.

Mechanical engineering facilities:
Fully integrated advanced design and manufacturing facility implementing the state-of-the-art in design and analysis tools on high-performance Intel/Microsoft Windows NT workstations. Some of the tools utilized include Parametric Technology Corporation's Pro/ENGINEER, Pro/MECHANICA, Pro/CDRS, and Pro/MANUFACTURE, which can communicate with MI's CNC machining centers for fast and accurate fabrication of parts.

THE REVOLUTIONARY SKYCAR^ä AIRCRAFT – DESTINED FOR ENORMOUS GLOBAL REVENUE GROWTH

As stated, there has been major media coverage of the Skycar^ä in recent years as it approaches commercialization. The Skycar’s on-sale date will depend on how quickly the Federal Aviation Administration certifies the vehicle.  If certification efforts parallel those of other recent composite aircraft and helicopters programs, it is reasonable and realistic to assume that it could be completed in two to three years.  Following a successful manned demonstration flight, a limited number of the Skycar^ä are expected to be produced for marketing demonstrators and military test applications. The Company has already received deposits and reservations for over 100 FAA-certified Skycars. In very limited production, the Skycar^ä is expected to sell for approximately $500,000, decreasing to under $200,000 as volume accelerates. Eventually, when significant production revs up, the purchase price could approach that of a premium automobile; i.e., $80,000 -$100,000.

The Company’s goal is to make the Skycar^ä one of the safest and easiest aircraft available to the public.  In its initial form the Company anticipates the Skycar^ä will require little of the hand-eye coordination skills required to fly today’s helicopters or fix-wing aircraft, but these pilots will still need to have navigation and communications skills as well as a Private Pilot’s License.  The on-board computer systems are designed to maintain stability during hover and handle much of the routine flight requirements of the vehicle.  It is the Company’s intent that the pilot will simply provide inputs to direction, altitude and speed via a joystick and an altitude selection lever. The Company plans to deploy the Skycar^ä with the latest technology available in commercial navigation and guidance systems to further assist in operation of the aircraft.  Eventually, the Company hopes to integrate these systems with those on-board systems that provide flight control and create an aircraft that can fly from doorstep to destination virtually unassisted by the pilot.

The Skycar^ä features an airframe of mostly fiber-reinforced plastic, which enables it to be both lightweight and strong. It uses eight Wankel rotary engines, each good for 140 hp and light enough to be carried by one person. These engines use a four-stroke combustion process, similar to the rotary engine in Ford Motor's Mazda RX-8 sports car. The Skycar™ will use the Rotapower^® rotary engine and it can burn almost any fuel from unleaded gasoline to diesel to natural gas.  Using this engine and regular 86 octane unleaded gasoline, the Skycar™ is projected to get approximately 20 mpg in the air.

The M400 Skycar^ä is designed to be a four-seater, but Moller can build a larger, six-passenger version, the M600, or a smaller, one-passenger version, the M100. The Company's VTOL vehicles (different sizes have been tested) use simplicity as one of their guiding virtues. The rotary engines have fewer moving parts and more inherent balance than piston engines, and the M400 Skycar^ä aircraft has only two hand-operated controls for flight.

At maximum speed, the Skycar^ä should fly in excess of 350 mph. However, typically “max cruise speeds” for fuel efficiency should be around 250 mph with a range of approximately 750 miles.   The plan for the Skycar^ä is to have a pressurized cabin and get the vehicle certified for flights up to a 29,000-foot ceiling. The Company predicts that the M400 will be relatively inexpensive to maintain and use when compared to similarly sized four-passenger fixed-wing aircraft or light helicopters. Mechanically, the systems used in the Skycar have fewer moving parts and longer predicted service life than those currently in use in today’s General Aviation aircraft. 

Flying in a Skycar^ä could be easier than anything travelers have available today.  Airspace is 3-dimensional; it provides the operator with much more flexibility than ground transportation that can use only surface area. There would be layers of air traffic and whenever one altitude became over crowded, another would be utilized. If each car on road today were turned into a Skycar^ä and put into the air using this new system, then each Skycar^ä in the sky would still be over a mile apart!

Want to use the newly developing Small Aircraft Transportation System (SATS) infrastructure.  To maintain airways safety, the FAA and NASA are developing a system to manage air traffic for smaller aircraft. SATS is being designed to satisfy a large portion of the demand for air space by enabling affordable, on-demand, and point-to-point air travel between over 3,000 small airports throughout the nation.  The Skycar could participate in this developing air traffic control network, which experts envision computers providing inputs to regulate the speed of and position of aircraft like the Skycar^ä traveling in a designated computer-controlled airway.  In conjunction with this new "flight control" for all aircraft and use of current systems such as GPS and TCAS, the Skycar^ä could be equipped to utilize technological advancements that could provide for increased flight safety by relying on additional systems such as advanced computerized transponder signal relays, pre-programmed flight plans, and nearby weather and  traffic display.

The Skycar^ä may also be usable on public roadways, where it would operate like a hybrid fuel-electric vehicle (the Skycar’s engines will provide power to electric wheel motors).  So far the U.S. government has only approved two vehicles that could both drive on city streets and take to the air.  The first was Airphibian, a 150-horsepower vehicle with detachable tail and wings that could be removed for street driving.  This vehicle was developed by Robert Fulton in 1946 and approved by the FAA’s precursor – the Civil Aeronautics Administration.  In 1959 Moulton Taylor began work on his Aerocar.  It had a body made from fiberglass, and after removing the wings could be driven on the roadway, but was not compliant with the DOT’s regulations.  It did, however, obtain FAA certification and could fly at 120 miles per hour. 

The Skycar™ is anticipated to travel at a top speed of 25 -30 mph when on the ground. The M400 model is designed to meet the size and other requirements set forth by the DOT and is intended to be "street legal" under the guidelines they have defined for three-wheeled motor vehicles. It should be noted that Skycar^ä was developed for short distance ground travel at low speeds primarily as a means to conveniently transport it from storage locations to approved take-off locations and back.

Furthermore, with foldable wings the Skycar^ä has no need to remove or store the wings; it’s roadable immediately upon landing and the whole aircraft can fit in a one-car garage!

Emissions characteristics of the Rotapower engine are much better than that of today’s small aircraft and should a great number of Skycars come into use the added air traffic may not degrade air quality.  Also, if people choose to use the Skycar^ä as an alternative to an automobile it could lead to improvements in the air quality.  Automotive pollution occurs at idle or low speed.  The Skycar^ä does not need to idle and at low speed the engines are always working hard enough to burn the fuel completely.  Also, since the Skycar^ä travels five times faster than an automobile, the Skycar^ä spends less time producing emissions for the same distance. And ultimately the Company wants to offer the Skycar^ä fueled exclusively with alcohol, a much cleaner fuel!

Further safety features include the fact that the Skycar^ä is designed to deploy parachutes in the event of a complete engine failure. All of the M400 Skycar^ä vital systems have redundant back-up systems including flight control, navigation, engines, etc. As long as both engines in the same duct do not fail, the Skycar^ä can be landed at a convenient airport. With multi-engine failure (like multiple bird ingestion) the system can be maneuvered to a suitable site to deploy the airplane parachutes.

SKYCAR^ä FINANCIAL FORECAST, COMPARISONS, AND PROJECTIONS – A VERY BRIGHT FUTURE

The revolutionary Skycar^ä has been in development since the 1960's and in that time, the Company has flown several prototypes and concept vehicles. The progress of the M400 is on a very quick schedule when one reviews the man-hours and dollars expended. Only $100 Million has been spent in R & D at Moller International, compared to the $1.2 billion spent for the gearbox design on the Bell-Boeing V22 Osprey. Furthermore, the Company currently has a $25 million Net Operating Loss (NOL) carry-forward, which could be very beneficial the Company’s bottom-line in the future.

The Skycar^ä represents a kind of hybrid between a helicopter and a general aviation aircraft.  This blend has never been available in a certified aircraft and consequently, Moller believes there should be strong global consumer demand for this revolutionary aircraft. Its ease of use, fuel efficiency, competitive cost, flexibility, and numerous safety features are all compelling reasons as to why the Skycar^ä should experience significant sales once FAA-certified, and commercial production commences.

Basically, a pilot will have the best of both worlds – the fast forward flight, such as with a fixed wing business plane, and the maneuverability and advantages of a vertical lift aircraft, such as a helicopter. Competitive aircraft would include the Cirrus SR22, which holds four people and retails for around $350,000 and the Robinson R44 light helicopter, which only holds two people (with about 1/3 of the space of the Skycar^ä) and has a similar sales price of about $350,000. As previously stated, in initial limited production the Skycar^ä is projected to sell for a comparable price in the mid-$300,000s. However, once large-scale production commences, the Company expects to be able to deliver its Skycars to consumers for less than $100,000 each, obviously a HUGE competitive advantage.  Given the fact that the Skycar^® is designed to be vastly easier to operate than a helicopter and, in fact, also much easier than a fixed wing general aviation aircraft (along with all of its other advantages), it is logical to conclude that consumer demand could be great!

The Company’s next generation is the M600, which is about 20% larger and can carry six passengers with increased cargo space. Eventually a pilot will be able to pre-program the on-board computer prior to take-off, which will be able to guide the Skycar^ä to its destination much like an automatic pilot. 

According to material published by the General Aviation Manufacturers Association (GAMA), 2003 billings for General Aviation airplanes totaled $6.43 billion and represented 2,686 new light aircraft sold.  If one groups new fixed wing aircraft with the 700+ helicopters sold annually, the current total market for new GA sales is approximately 3,500 units annually. The Company would need to capture less than 30% of this market (about 1,000 Skycars per year) to produce revenues of around $100,000,000 (based on a sales price of $100,000 / Skycar^ä).  Moller International believes this to be possible given the unique advantageous qualities and cost-competitiveness of the Skycar^ä.  Dr. Bruce Holmes from NASA Langley Research Center and Director of the SATS program says that SATS will spark an economic renaissance in smaller communities that don’t have easy access to large airports or interstate highways.  He goes on to say that it [SATS] will change the way we travel.  With the Skycar’s projected blend of vertical takeoff and high-speed flight providing quick access between existing helipads and use of the improved air traffic control methods of SATS, the Company believes the Skycar^ä will open new markets for air travel.  Individuals and companies may soon recognize these never-before-available capabilities and want to implement the technology as in such applications as high-speed air taxi services, logistical support, medical and emergency services.

THE AEROBOT^â UNMANNED AERIAL VEHICLE  - ANOTHER IMPORTANT SOURCE OF REVENUE

Moller International has also developed an unmanned aerial vehicle (UAV) called the “Aerobot^®” which is basically used for surveillance purposes. So far, the Company has sold over one dozen Aerobots at approximately $150,000 each. Cal Trans and other governmental agencies plan to use them for bridge inspections, observance of traffic patterns due to accidents or natural disasters, or for any problem where aerial surveillance would be appropriate.

MEDIA EXPOSURE

Moller now has a global following, due to exposure in various national and international media outlets during the past few years.  The progress of the development of the Skycar™ was referenced in August (2004) on the Today Show, last year’s Discover and TechTV programs, and in recent articles written by Robb Report in August 2004, the May 2004 issue of Wired magazine, the April 2004 issue of Paris Match, the December 2003 "Genius Issue" of Esquire, Conde Nast Traveler April 2001, Inc. July 2000, and Forbes FYI Spring 2000

Upcoming media exposure, which will provide fresh insight in the Skycar™’s current status,  includes articles in the Brazilian automotive magazine Autoesporte (next issue), Fortune Small Business (FSB) (December), Popular Science (tentatively scheduled for publication in January 2005), and a segment on the television program 60 Minutes tentatively scheduled sometime early next year.

Moller International Vice President, Jack Allison, recently said, “The 'flying car' has been many people's dream for almost a century and our blend of engines, electronics and light-weight materials looks like it will make it a reality in the not-too-distant future."

SUMMATION:

Dr. Paul Moller’s vision, dedication, and tenacity have produced a truly revolutionary aircraft that could have widespread consumer appeal and demand. Explosive and exponential increases in revenues and net earnings could occur once massive production begins.  Moller International, Inc. (OTC: MLER) is a unique Special Situation that has huge price appreciation potential.  We believe that the Skycar^ä will go down as one of this century’s most important advancements in aviation and transportation.  The global revenue potential is truly enormous! Importantly the Company has a $25 million NOL to offset initial net income.  With MLER shares currently trading around $0.95, the market cap is less than $45 million, which is very low in relation to the Company’s future earning capabilities.  Long-term loyal shareholders should be very well rewarded!

• Dr. Paul Moller is an accomplished visionary leader who has received numerous patents including the first U.S. patent on a fundamentally new form of powered lift aircraft.

• Skycar^ä addresses a multi-billion dollar market. Potential future revenues are projected in the hundreds of millions of dollar.

• FAA-Certification should be completed within 3 years, after which massive commercialization of the Skycar^ä could commence.

• Company has a $25 million NOL to offset future profit.

• Global demand for the Skycar^ä could be huge.

• Skycar’s ease of use, numerous safety factors, flexibility, fuel efficiency, and revolutionary advantages may lead to explosive revenue growth.

• Aerobot is expected to be in widespread use for its surveillance capabilities and may be another important source of revenue for the Company.

• Skycar^ä could be regarded as one of the most important advancements / breakthroughs in aviation / transportation history.

• Long-term investors should be well rewarded with significant share price appreciation

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