Indoor Skydive Australia Group Limited (ASX:IDZ) today expanded its search for new sites and venues throughout Australia and the South East Asian region to host additional vertical wind tunnel (VWT) facilities through the issue of a formal Expression of Interest (E0I) document. The Company intends to identify sites to pursue and accelerate growth opportunities for the construction of a portfolio of world class VWT facilities in our region, as foreshadowed in the Company’s prospectus dated 1 November 2012.
CEO, Wayne Jones said “with ISA Group’s first VWT under construction and scheduled for opening early next year, we are actively pursuing locations and partners for further VWT facilities”.
“Having just returned from a visit to our supplier partner, Sky Venture in the USA, and witnessing the rapid growth of such facilities there fuelled by both high consumer demand and very positive financial performance of the existing tunnels, IDZ is keen to map out a definitive growth path for future expansion in our region,” Mr Jones added.
IDZ is presently constructing its first commercial VWT in Penrith, NSW Australia and expects to complete and open the facility in Quarter 1 of 2014, in accordance with the timeline set out in the Prospectus.
IDZ’s supplier, Sky Venture, currently has 23 wind tunnels in full operation in nine countries. Six more tunnels are under construction and are scheduled to be operational in the next twelve months.
Mr Jones added that “the E01 is aimed at encapsulating the significant interest received to date and the need to fully investigate all potential future opportunities, with the intention of expansion in line with our stated strategic objectives.”
Through the E0I, the company is now seeking expressions of interest from land owners/controllers, relevant industry operators, local chambers of commerce, city council/authorities and other such parties for the building of additional VWTs in Australia and SE Asia, targeting but not limited to owners, operators, developers or controllers of the following;
- Hotel Complexes
- Entertainment Complexes and Precincts
- Destination Precincts
- Property Investment Organisations
- Casino Operators
- Shopping Centres
- Chambers of Commerce
- City Councils, Foreshore
- Authorities or Similar
Under the EOI process, management intends to conduct site visits and private briefings to evaluate expansion opportunities in NSW, Victoria, Queensland, SA, WA, New Zealand and SE Asia over the coming months.
Read the full Expression of Interest document here.