LONG BEACH, Calif., Dec. 13, 1999 (PRIMEZONE) -- Advanced Aerodynamics & Structures, Inc. (Nasdaq:AASI) today announced that it has purchased the final critical machinery needed for full-scale production of the new high performance JETCRUZERtm propjet aircraft.
The company said it has purchased a 150-ton hydro press system that will be used to mass-produce numerous parts of the JETCRUZER in one operation. It also has purchased an advanced three-axis, CNC milling machine. This sophisticated machine will interface with AASI's engineering department using a Unigraphic computerized, automatic production module to speed the manufacturing of aircraft parts. High precision measuring equipment has been added to enhance quality control.
Dr. Carl L. Chen, chairman and chief executive officer, said, "We now have all equipment and machinery we need to start full-scale production of the new JETCRUZER propjet in the first quarter of 2000. Our autoclave is operational as is our clean room, machine shop, quality control centers and all other departments.
"Our efforts to complete the tooling process at this point is in keeping with our strategy to manufacture as much as possible in house to drastically lower production costs and reduce delivery time of the JETCRUZER 500."
The company is in the process of flying maximum cruise speed tests and preparing for composite fuselage pressurization tests. Completion of these tests is scheduled in the first quarter of 2000. The company expects to obtain its Type Certification (TC) amendment and deliver the first JETCRUZER 500's in the latter part of 2000, Dr. Chen said.
AASI recently received ten additional orders valued at more than $12.5 million for its JETCRUZER 500 aircraft, increasing the company's backlog to more than $220 million for 182 aircraft.
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.