Shares in the Martin Aircraft Company have risen after it signed a memorandum of understanding with the United States based, AvWatch, for jetpacks in North America.
The memorandum of understanding involves negotiations for the delivery of a package of three manned jetpacks, three unmanned jetpacks and a simulator at some time in the future.
Martin Aircraft's stock, which is listed on the Australian stock exchange, rose four cents, or seven percent to 72 Australian cents yesterday.
Last month, the founder of Martin Aircraft, Glenn Martin resigned from the board following a disagreement over the direction of the company.
Mr Martin said the company's priorities had moved away from his focus on developing a revolutionary jetpack.