This was the first MTO in the US that was on floats. It was based in Edgewater, Fl, I don't believe much came of it.
Victor Agadzi in Pensacola really worked the concept in his MTO making numerous mods most significantly upgrading power to an Edge 155HP powerplant. Even with this powerplant, my observation of videos is that it took an inordinate amount of time to get off the water. He has now sold it and is moving on to a Seamax fixed wing amphib. I think the difficulties relating to gyros on floats are numerous as have been mentioned here. Starting with a very draggy aircraft and making it more so. I think the increased difficulty of glassy water landings is yet another consideration.
There's also another adage about aircraft on floats that I will vouch for, that is if you add floats to an airplane you double the maintenance, and if you put it in saltwater, you double the maintenance again! Flying seaplanes is a labor of love, once you've made your first water landing and takeoff it's pretty addicting, just like gyros.
Victor Agadzi’s tricked out Gyro with EP155HP 😉
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