In 1995 the Belgian company Promavia licensed Alberta Aerospace to begin development of an ab initio trainer version of its Jet Squalus, under the name Phoenix FanJet. Eventually Promavia sold Alberta Aerospace the flying Jet Squalus prototype for conversion (to include new Williams- Rolls FJ44 turbofan engine in a revised airframe, new "glass" cockpit, larger flying control surfaces and more), allowing certification in about the year 1999. After Promavia ceased trading, Alberta Aerospace purchased other Promavia assets, allowing eventual production in Canada. Variants of Phoenix Fanjet will include a four-seat personal transport.

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