The Company

Aquajet Corporation has developed, patented, manufactured and markets under the Jetbike brand name, high performance personal watercraft for pleasure riding and racing on lakes, rivers, oceans and various other waterways. The Jetbike is the only personal watercraft (referred to as PWC) offering both a front and rear steering configuration which provides significant safety advantages over other personal watercraft. Since current personal watercraft are unsteerable in a throttle-off condition, their maneuverability is significantly diminished in emergency, racing and other desired throttle-off situations. In contrast, the Jetbike's unique front ski is maneuverable even when the engine is off, which management believes offers important safety and handling advantages. Furthermore, all other personal watercraft have a low draft area, meaning they are typically submerged only a few inches below the waterline. This design often makes it difficult for novice riders to easily remount the craft after falling off. The Jetbike's proprietary design causes the craft to become submerged up to 24 inches below the waterline at speeds under 5 miles per hour. This high draft design makes the Jetbike easier for the rider to mount and to remain on board, especially in rough water conditions, and causes the craft to slow down and stop more rapidly than other low draft personal watercraft.

The Jetbike has been hydrodynamically and aerodynamically designed to offer the rider the sensation of riding a motorcycle on water. The Jetbike incorporates advanced styling and a motorcycle-like seating position requiring less bending of the knees, which management believes is ergonomically superior to typical sit-down watercraft currently marketed, while offering the superior cornering and handling characteristics and thrills associated with stand-up, Jetski' type personal watercraft. The Jetbike's unique dual front and rear steering design and grand prix superbike configuration and styling offers the rider enhanced maneuverability and craft handling, which management believes will be attractive to riders demanding high performance from a personal watercraft. The JetBike features lightweight unibody construction, a superior twist-grip motorcycle throttle for power control, and an in-board mid-mounted power source configured as a low center of gravity, two or three-cylinder (90 to 120 horsepower, respectively) water-cooled engine. The Jetbike is designed to offer on-demand acceleration and a speed capability of 45 to 60 mph without sacrificing agility, maneuverability, stability, control or safety. Jetbikes will be Coast Guard approved and all riders will be required to wear a life vest or similar floatation device for safety.

Aquajet has developed, tested, and partially tooled for production, several prototypes of the Jetbike and currently anticipates introducing two basic models during the 1997 model year. The WX-1 is a sit down, one-person entry level craft designed for beginning and intermediate riders and is expected to be initially priced at $6,995. The WX-2 is a two-person craft designed for more family oriented riders and features either a two or three cylinder engine configuration, plus high performance options and accessories; the WX-2 is expected to be initially priced at $8,995. The Company plans to begin delivery of the WX-1 and WX-2 in the second and third quarters of calendar 1997, respectively. Aquajet intends to develop four additional models of the Jetbike for the 1998 model year, including a sport "racer" version for club and professional competition.

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