LONG BEACH, Calif., July 20, 1999 (PRIMEZONE) -- Advanced Aerodynamics & Structures, Inc. (Nasdaq: AASI) today provided a progress report on the development of its JETCRUZER 500 aircraft, the newest aircraft of its kind to be introduced to the general aviation industry in 40 years.
"Completing the development stage of the JETCRUZER 500 has been a long process, but we are dedicated to providing our customers with an aircraft that meets our own stringent requirements for safety and performance," said Carl L. Chen, chairman and president.
Dr. Chen indicated that the company is focusing on completing final design specifications for the fuselage, finishing component testing as well as logging flight test hours.
The company said that it expects to receive a Type Inspection Authorization (TIA) certificate from the Federal Aviation Administration (FAA) and enter full-scale production of its JETCRUZER 500 aircraft in the first half of year 2000. The final amended Type Certificate (TC) is anticipated a few months thereafter.
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.
To date, AASI has orders for 172 of the corporate aviation industry's newest executive propjet aircraft, representing a backlog that exceeds $200 million.
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.
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.