LONG BEACH, Calif., Jan. 25, 2000 (PRIMEZONE) -- In the Sunday, January 23 edition of The New York Times, Advanced Aerodynamics & Structures, Inc. (Nasdaq:AASI) was prominently featured as an example of a company leveraging the vast resources of engineering and other aerospace expertise throughout Southern California.
According to the article, "The company has tapped deeply into the region's reservoir of skilled workers, employing engineers with experience on projects like Lockheed Martin's F-117 Nighthawk stealth fighter, the B-2 Spirit stealth bomber from Northrop Grumman and the McDonnell Douglas MD-11 jetliner. The Jetcruzer makes use of innovations like a graphite composite skin and a very fuel-efficient engine. The article further stated that the JETCRUZER 500TM "is intended to appeal to younger executives and entrepreneurs whose success in the Internet economy put them into the target market for a business jet with a $1.5 million price tag."
Dr. Chen noted that Southern California has always been at the forefront in the development of new technology and direction in the aerospace industry. As quoted in The New York Times, Dr. Carl L. Chen, chairman and chief executive officer of AASI, said, "Everyone thinks this industry is wrong, but we believe we have turned out to be in the right place at precisely the right time."
AASI is in the final stages of receiving FAA approval for its JETCRUZER 500(tm), 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.
The company is in the process of preparing for composite fuselage pressurization tests and flying maximum cruise speed 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.
The company' currently has 182 JETCRUZER 500 aircraft orders, representing a backlog of $220 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.