Medrar Financial buys majority interest in Diamond Aircraft

Medrar Financial Group and Diamond Aircraft
Holdings have announced that an agreement has been signed for the acquisition
of a majority interest of Diamond Aircraft Holdings, Canada. In addition to a range of
Diamond Aircraft’s gasoline powered piston aircrafts, the agreement also
includes the revolutionary D-JET program.

“The current state of the economy highlights
the need and potential for aircrafts like the D-JET” said Jamil Marmarchi,
chief executive officer of Medrar. “People will always continue to travel and
in the short to medium distance range, the D-JET offers a luxurious and
affordable, yet socially and environmentally responsible alternative way to fly
privately. Diamond has successfully demonstrated its ability to leverage its
designs and technology to create entire product lines for the piston airplane
market – we are excited not only by the D-JET but also by the derivative models
to follow.”

Christian Dries, chairman of the Diamond
Group commented, “Diamond has grown tremendously over the last decade and it
will greatly strengthen our worldwide position to have a capable partner
supporting our future growth and our existing business.  We are pleased
that Medrar has demonstrated their recognition of this potential with their
significant commitment. We look forward to working seamlessly together to
develop the Diamond brand and enhance its value.”

“We are equally bullish about the future
potential of the piston aircraft, especially in support of professional flight
training, where we expect international pilot demands to drive a sustainable
market for training aircrafts in the long term and maintain our leadership
position,” continued Marmarchi. “As a specialised asset management and
investment firm based in Dubai UAE, Medrar will ensure the company’s capital
needs are met and Diamond continues to lead the industry with emphasis on
enhancing the D-JET market status.”