LONG BEACH, Calif., Oct. 21, 1999 (PRIMEZONE) -- Advanced Aerodynamics & Structures, Inc. (Nasdaq:AASI) today announced that it has received ten additional orders valued at more than $12.5 million for its JETCRUZER 500(tm) aircraft, increasing the company's backlog to more than $220 million for 182 aircraft.
Dr. Carl L. Chen, chairman and chief executive officer, said, "We are delighted by the strong interest in our aircraft and the corresponding backlog increase, which now stands at two years. Our immediate goals are to complete pressurization testing, flight-testing and then enter full-scale production.
"Once we enter production, a key priority will be to shorten the employee learning curve for manufacturing the aircraft, thereby reducing costs and increasing gross margins," Dr. Chen said. "With the delivery of the first aircraft approaching in year 2000, AASI is intensifying its marketing and advertising efforts to address the anticipated increased interest and additional sales from the aviation industry worldwide -- a market that desires a corporate aircraft with the high performance and cost advantage characteristics of the JETCRUZER 500."
The JETCRUZER 500 is a high-speed single engine, corporate propjet aircraft that can accommodate first class seating for six people, including the pilot. Powered by a Pratt & Whitney propjet engine, the JETCRUZER 500 will fly at 360 miles per hour from Los Angeles to New York at altitudes up to 30,000 feet, with only one stop.
Advanced Aerodynamics & Structures, Inc. is a development-stage company organized to design, develop, have certified by the FAA, manufacture and market propjet and jet aircraft for the world business, commercial and government markets.
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Certain statements contained in this news release, including statements concerning the Company's future cash and financing requirements, the Company's ability to continue to obtain market acceptance of the JETCRUZER 500 aircraft, the Company's ability to obtain regulatory approval of the JETCRUZER 500, and the competitive market for sales of small business aircraft and other statements contained herein regarding matters that are not historical facts, are forward looking statements; actual results may differ materially from those set forth in the forward looking statements, which statements involve risks and uncertainties, including without limitation those risks and uncertainties set forth in the Company's Registration Statement on Form SB-2 under the heading "Risk Factors", and the Company's Form 10-KSB and Form 10-QSB on file with the SEC.