ALBUQUERQUE, N.M., Jan. 3, 2007 (PRIME NEWSWIRE) -- Officials of Utilicraft Aerospace Industries, Inc. (OTCBB:UITA) announced today that the company had signed a Letter of Intent with Swansea, Ill. based R&D Development Corp. for the construction of a 55,500 square foot flight test hangar and office facility, for the company's planned operations on Double Eagle II Airport, in Albuquerque, N.M.
The clear-span metal building will measure 270 feet long by 150 feet wide, and will encompass 40,500 square feet under roof. An additional 15,000 square foot lean-to attached building, 150 feet long by 100 ft wide, will be used for office space. The hangar itself will be able to accommodate two FF-1080-300-ER aircraft including the shop space, engineering space, and special equipment space, required for the support of flight testing the aircraft. Once flight test is completed, the hangar will serve as a final assembly facility for production aircraft, and will accommodate the final assembly of two aircraft per month (24 per year).
R&D Development will provide a long-term lease to Utilicraft with deferred initial lease payments, with final lease terms being negotiated over the next 30 days. Utilicraft will also have the option of purchasing the facility at a future date. Final engineering and specification plans will be complete in the next 90 days, with a March 2007 groundbreaking planned. The hangar should be complete by June 2007, and the office by August 2007.
Utilicraft currently has a long-term land lease on the Double Eagle II Airport with the City of Albuquerque.
About Utilicraft Aerospace Industries:
Utilicraft Aerospace Industries, Inc. was formed to implement a system solution to the current problem of declining capacity in the short haul (or feeder) route segments of the air cargo and overnight express companies.
The FF-1080-300ER Freight Feeder aircraft is a new air vehicle which is the result of Utilicraft's extensive research and development. The FF-1080-300ER is revolutionary because of its capability to carry standard industry air containers on short-to-medium range/medium density routes combined with the aircraft's integrated air cargo information system for the freight feed market.
The FF-1080-300ER, an all aluminum twin-engine, high-wing, un-pressurized, fixed gear, single pilot capable, turboprop aircraft, specifically designed as a utility air freight transport system. The aircraft satisfies an industry recognized need to cost-effectively feed containerized air cargo to the major hubs of the scheduled passenger carriers and the overnight express airlines.
The aircraft is also designed for short take-off and landing (STOL) capability. This feature makes the FF-1080-300ER the only short-haul, heavy-lift containerized feeder aircraft capable of cost-effectively transporting ten revenue tons over two thousand nautical miles from airfields with less than 3,500 feet of runway, expanding air cargo capacity to many smaller cities and airports worldwide.
This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release involve risks and uncertainties and reflect the company's current views with respect to possible future events. Readers are cautioned that no forward-looking statement can be guaranteed and actual results or events may materially differ from those projected or anticipated. In particular, the following factors, among others, could cause actual results or events to differ materially from those described in the forward-looking statements: the company's ability to obtain and fulfill contracts for the sale of products, protect intellectual property rights and manage future growth; market acceptance of future products; product supplier delays; design and engineering certification delays or denials; and the introduction of similar products by competitors. Any forward-looking statement made in this press release is made as of the date of this press release, and the company assumes no obligation to update any such forward-looking statement, whether as a result of new information, future events, or otherwise. Forward-looking statements in this press release should be evaluated together with the many uncertainties that affect the company's business.
For more information about the company, please visit www.utilicraft.com.
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