SALT LAKE CITY, Dec. 21, 2016 /PRNewswire/ -- On the heels of announcing the launch of its pioneering drone program, Groen Aeronautics Corporation ("GAC" and "Groen") names Paul Alar to its Board of Directors effective immediately. A 30-year financial industry veteran, Mr. Alar is the Principal of West Mountain, LLC, and manages West Mountain Partners, L.P., an Atlanta-based multi-strategy, multi-manager, fund-of-funds. Mr. Alar will play a key leadership role in delivering value to investors and ensuring Groen is poised for future growth. His West Mountain funds are making a direct investment to commercialize GAC's gyroplane technology for the unmanned aircraft market.
"I know Paul to be a high-functioning leader with a keen understanding of our complex business," said David Groen, the Chairman & CEO of GAC. "During our important launch into GAC's Sustained Autorotative Flight Drones, his steady and intuitive approach, combined with his history of emerging strategy investing, makes him highly qualified to join GAC's Board. We greatly appreciate having Paul on our team."
Investing since 1982, Mr. Alar focuses on various alternative investment strategies. Twice in the last eight years, West Mountain Partners, LP was ranked the world's best performing fund of funds in its category.* Mr. Alar also manages West Mountain, Ltd., a British Virgin Islands corporation, which serves as an offshore fund for non-US investors and retirement plans and is a sister fund to West Mountain Partners, L.P. Prior to founding West Mountain, Mr. Alar managed risk arbitrage portfolios for institutional and private clients at Bear Stearns, developed hedging strategies for Oppenheimer's Alternative Asset Group, and introduced domestic private placement insurance to Deutsche Bank as a strategy for making hedge fund investments more tax efficient. He is a graduate of East Carolina University and previously served on the Advisory Counsel of its School of Business. Mr. Alar also studied Advance Portfolio Management at the Wharton School of Business.
"Groen has long been at the forefront of engineering best-in-class gyroplane technology," said Alar. "The company's commitment to building a strong board with diverse experience and expertise will help ensure it achieves key performance metrics. I am honored to accept this seat during such an exciting time in the industry."
"Paul's drive and passion for winning, runs high," CEO David Groen added. "With his broad experience in the competitive financial industry, he is just the type of board member GAC needs to further develop its business in this vibrant and growing market."
As the demand for drones continues to increase, GAC's highly advanced Sustained Autorotative Flight Technologies can also be used in a variety of unmanned and manned aircraft industries ranging from airborne law enforcement, border patrol, and military; to passenger and cargo transport, recreation, and agriculture. In addition, GAC's aircraft's unique benefits include the ability to safely accomplish both large and small missions at a lower cost than other alternatives in their categories. GAC's gyroplanes do not require a runway and are far less complex than other vertical takeoff and landing (VTOL) aircraft, allowing GAC to produce a drone that will operate with greater reliability than other VTOL aircraft. With recent investments, like those from West Mountain, the company is now better positioned to accelerate development and monetize this innovative approach to providing a safe, reliable, and cost effective solution in the global market.
About Groen Aeronautics Corporation
Groen Aeronautics Corporation is recognized as the world's leading authority on sustained autorotative flight with approximately 40 patents issued and several more underway. Powered by a Rolls-Royce gas turbine engine, Groen developed the world's first commercially viable modern gyroplane – the first "Autogiro" to utilize a jet engine; the most advanced gyroplane in existence today – the GAC Hawk 5 Gyroplane (also known as the "GAC HawkRanger"). The Hawk 5 was used extensively for security aerial patrol missions for Winter Olympics Games, flying 8 weeks without downtime for maintenance: the only VTOL aircraft used for security for those games that remained mission-ready 24/7.
DARPA, an arm of the United States Department of Defense, awarded a multi-million-dollar contract to Groen to form and lead a team to design a proof of concept high-speed, long-range, VTOL aircraft designed for use in combat search and rescue roles. This modern rotorcraft, named by DARPA as the "Heliplane," was designed to exploit the company's sustained autorotative flight scientific knowledge; offering the VTOL capability of a helicopter, the fast forward flight of an airplane, and the safety, simplicity, and reliability of a GAC Gyroplane. Groen successfully completed Phase I of the Heliplane contract meeting all performance requirements: VTOL, fly 1,000 nautical miles at 400 mph carrying 1,000 lbs. of payload. The Heliplane could be the next generation rotor wing aircraft, meeting economy, reliability, safety, and performance goals not considered achievable by any other type of VTOL aircraft.
For more information about the company, its products, and individual members of the GAC team visit www.GroenAeronautics.com.
About West Mountain, LLC
West Mountain, LLC is the manager of boutique multi-strategy, multi-manager funds of funds designed to preserve investor capital while capturing outsized growth opportunities regardless of market conditions. The funds invest away from the market into non-correlated, emerging/unconventional niche managers in order to produce reliable, long-term alpha and low downside volatility. In 2008, InvestHedge named West Mountain Partners, LP the best performing emerging managers fund of funds in the world.* Most recently, in 2013 BarclayHedge named West Mountain Partners, LP the best performing fund of funds in the world.**
West Mountain can be found online at www.westmountainllc.com.
This is not an offering or the solicitation of an offer to purchase an interest in any West Mountain products. Any such offer or solicitation will only be made to qualified investors by means of a confidential private placement memorandum and only in those jurisdictions where permitted by law.
An investment in any West Mountain product is speculative and involves a high degree of risk. Opportunities for withdrawal, redemption and transferability of interests are restricted, so investors may not have access to capital when it is needed. There is no secondary market for the interests and none is expected to develop.
The fees and expenses charged in connection with this investment may be higher than the fees and expenses of other investment alternatives and may offset profits. No assurance can be given that investment objectives will be achieved or that an investor will receive a return of all or part of his or her investment. Past performance is not necessarily indicative of future results. Investment results may vary substantially over any given time period.
*Criteria for inclusion was based on performance generated from January 1, 2008 through December 31, 2008, which included all emerging managers' funds of funds within InvestHedge Magazine's coverage universe.
**Criteria for inclusion was based on performance generated from January 1, 2013 through December 31, 2013 which included all funds of funds between $10 million and $250 million within BarclayHedge's coverage universe.
PRLog ID: www.prlog.org/12609385
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SOURCE Groen Aeronautics Corporation