PLATTSBURGH - Laurentian Aerospace Corporation announced March 1 it has completed the initial closing of its overall financing. The final closing will take place on or before March 17.
With this first part of the financing agreed and in process, work will begin on Laurentian's project at the Plattsburgh International Airport.
Robin Wohnsigl, president and chief executive officer of Laurentian Aerospace said, "Work will begin immediately on various aspects of the project including the design and development work which, actually, has been in process now for a few weeks. Robson Woese and Cianbro Corporation will now move forward with details required to start construction at the Plattsburgh International Airport in late April 2011."
Laurentian also confirmed with the construction program now officially underway, the company expects to begin commercial operations in late 2012 or early 2013.
Eric Jergensen, CEO of Verdant Technical Solutions LLC and Verdant Capital Group LLC, which are providing funding for the Laurentian project said, "We are very proud to be involved with Laurentian and look forward to the start of construction of the project. We have enormous confidence in the Laurentian management team and in our combined business plans. We are especially enthusiastic regarding the local and regional support for this project and the addition it will make to the economy of the region."
The LIATI Group served as advisor to Laurentian in connection with the equity financing. Jefferies & Company served as advisor to Laurentian in connection with the debt financing.
Verdant Capital Group LLC provides strategic funding for developing technologies, specifically as they relate to renewable energy, that enable opportunities for sustained job creation and community development.
For more information about the project, visit www.laurentianaerospace.com.