LONG BEACH, Calif.,-Aug., 24, 1999 (PRIMEZONE)-- Advanced Aerodynamics & Structures, Inc. (Nasdaq:AASI) today provided an updated progress report on the development of its JETCRUZER 500(tm) aircraft, with the announcement that total flight hours are now approaching 1,000 hours.
Of the total flight hours logged for the JETCRUZER 500, over 700 hours were recorded from the JETCRUZER 450(tm), the predecessor to the 500 model.
Dr. Carl Chen, chairman and chief executive officer, noted that the prototype JETCRUZER 500, Serial Number 1-0001, has completed its preliminary testing with excellent results. The aircraft has been retired and additional testing with aircraft 1-0002 is now in a continuous performance flight test mode, with approximately 150 accumulated flight hours.
He also added that flight testing up to 30,000 feet will utilize a high altitude FAA conformed fuselage, designated 1-0003, which is complete and in the build-up stages. Other major components, such as the main wing, canard wing, and landing gear, are in the final stages of fabrication and assembly. Virtually all components, including the engine, propeller, and flight instruments, are in-house ready for final assembly. JETCRUZER 1-0003 is scheduled to enter flight within the next several months.
Dr. Chen noted that the graphite composite fuselage halves for aircraft 1-0004 are finished and in the trimming stages for assembly, with subsequent fill out of internal components for future delivery to a designated customer of this aircraft.
A fifth graphite composite fuselage also has been completed, with parts fill out and preparation stages for static pressurization testing to commence shortly.
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.