Formed 1980 by powerful industrialists and investors, with substantial Government backing for jet trainer; 1985 agreement with General Avia to co-operate in developing F.1300 Squalo, but in event Italian firm was withdrawn and Stelio Frati designed aircraft as all-Belgian Promavia Jet Squalus F1300. Jet Squalus first flew 30 April 1987, but by 1998 company had ceased trading. Alberta Aerospace eventually acquired all assets of the Jet Squalus program and the aircraft was registered (and still is) in the USA as the Promavia Jet Squalus, N112SQ, and promoted as the Phoenix FanJet, later as the Phoenix SigmaJet.