The story
In 1991, a European subsidiary, EuroAvtek was formed, jointly owned by Avtek, Per Udsen, and the government of Denmark, to oversee sales and marketing on the continent. Avtek filed for bankruptcy in 1998 without achieving type certification for the prototype. Its assets were purchased by Ward personally, who then formed the AvtekAir corporation to continue development.
From Wikipedia’s article on Avtek, shared under CC BY-SA 4.0.3