ITEM 1.01 Entry into a Material Definitive Agreement
Moller International, Inc. has received a signed memorandum of understanding
from Athena Technologies Inc. of Harbor City, California (Athena) agreeing to
form a joint venture with Moller International to produce Moller International's
vertical take-off and landing (VTOL) aircraft.
The agreement states that the newly formed Joint Venture (JV) is to provide
Moller International with funding for US operations and paid consulting services
for an as yet undetermined amount. Furthermore the objective of the JV is to
seek out and establish agreements for aircraft production and assembly
facilities in the Public's Republic of China.
In addition to the paid services and support for US operations, Athena and/or
additional JV partners will provide Moller International with a minority
position in any new venture which might be established in the People's Republic
that assembles or distributes Moller International's aircraft.
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