Commencement of Gold Coast Tunnel Fabrication
Brisbane, July 28, 2014 AEST (ABN Newswire) - Indoor Skydive Australia Group Limited (
ASX:IDZ) (ISA Group) is pleased to announce that fabrication of the specialist vertical wind tunnel components has commenced for the Gold Coast indoor skydiving facility.
Fabrication of the components is undertaken by SkyVenture International LLC over 180 days pursuant to the Purchase and License Agreement entered into in March 2014. This key milestone was triggered by the payment of the 45% deposit, bringing the total amount paid in respect of the Gold Coast tunnel components to 50%.
The Gold Coast facility will comprise a 12 foot, full glass flight chamber which will be one of the first of its kind in the world. The new design includes a single return tower, which provides significant operating efficiencies, while maintaining a superior flight experience perfectly suited to the Gold Coast market.
ISA Group CEO Wayne Jones said "We are excited to announce the commencement of fabrication of the wind tunnel components. It is a significant milestone in the project and we are realising the experience gained from building Australia's first facility in Sydney."
Development Application approval is anticipated within the next 4 weeks and as previously advised, construction of the facility is expected to commence later this year.
Further information on ISA Group is available at www.indoorskydiveaustralia.com.au.
About Indoor Skydive Australia Group Ltd
Indoor Skydive Australia Group (
ASX:IDZ) was established on 04 Nov 2011 as the parent company to facilitate a number of indoor skydiving facilities to cross our region in the next 3-5 years. These facilities allowing human flight within a safe environment are currently used by tourists, enthusiasts and military throughout the world including the Australian Military and active Skydivers. Flexible operating hours, low overheads and proven technology are just a few of the highlights that support the company’s business model.
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