PLATTSBURGH -- It's taking Laurentian Aerospace Corp. longer than expected to secure equity financing, but its officials remain cautiously optimistic the deal will happen.

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Chief Financial Officer Andrew Edwards said Laurentian has commitments and interest for more than the approximately $55 million in equity financing it needs.

"We have four parties interested in participating. They don't feel they have the technical capability or manpower to do the due diligence process," he said.

Chief Executive Officer Robin Wohnsigl said the problem remains finding a lead investor.

"We continue to be cautiously optimistic. Trying to put a final date on this thing is like putting Jell-O on a wall and making it stick," he said.

The sub-prime housing crisis and other economic developments have dried up much of the credit available for such a project. At a time like that, cash is king, Edwards said, so Laurentian has turned to private equity funds for its financing.

The problem is, many other projects are also seeking financing from those sources.

"They're being distracted because so many opportunities are coming their way," Wohnsigl said.

The private equity funds tend to fund projects in industry sectors they are familiar with, which is not the case for Laurentian. Still, interest remains high, Edwards said. "They like our story. They like our business plan. They like our management team."

Edwards said Laurentian officials are working with The Liati Capital LLC., based in New York City, to attract investors. That company's president, Michael Geffrard, has experience in New York state and city government.

"He also knows the Wall Street crowd well," Wohnsigl said.

Geffrard said Liati remains very confident and enthusiastic about Laurentian. He said the location, management team, local support, especially on the economic-development front and enhanced value of the project in light of rising fuel prices make the project special.

Liati's job is to bring the project to investors it's worked with in the past or ones where they know people who have worked with them in the past.

There are ongoing discussions with potential lead investors, Geffrard said.