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Skycar founder gives up pay
DAVIS September 26, 2006 1:36pm 
• Says it will help company get through cash crunch • Confident he’ll eventually get paid Paul Moller, founder and president of Moller International (OTCBB: MLER) of Davis, a developer of a new type of private airplane, says he’s giving up $1,303,861.43 in wages and $145,386.20 in interest he had earned.
The move is intended to relieve the company of some of the backlog of debt from his voluntary salary deferrals over the past several years.
“I am comfortable giving up these wages if it can help the company,” he says in a written statement. “I have faith that we’re going to come out of this cash-crunch shortly, but for now the company needs this money more than I do.”
Moller International was formed in 1983 and is the developer of the Skycar aircraft, a four-person vertical takeoff and landing vehicle currently undergoing initial flight-testing. The company says the Skycar has the potential to provide an airborne alternative to a significant portion of the miles now traveled by automobiles.
The company reported a net loss of more than $1.4 million for 2005.
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