AASI Aircraft JETCRUZER 500 Passes Milestone Structural Test for Main Wing; Steady Roll to 100 Percent Limit Load.

Business Editors & Aerospace/Defense Writers

LONG BEACH, Calif.--(BUSINESS WIRE)--March 5, 2001

Advanced Aerodynamics & Structures Inc. (Nasdaq:AASI) today announced a significant milestone in the development of its JETCRUZER 500 with the passage of the steady roll test, the last of four FAA structural tests for the main wing.

No permanent deformation was found during the 2.4g steady roll test to 100 percent limit load.

The FAA delegated Mike Lai, AASI vice president of engineering and FAA designated engineering representative (DER), to witness the test on behalf of the FAA. No excessive binding in the aileron and rudder control system at 100 percent limit load was observed during the test.

Dr. Carl Chen, chairman and chief executive officer of AASI, said, "This is the last major limit load test on the JETCRUZER 500 main wing and we are extremely pleased with the results. It also recognizes the talent and expertise of our structural test team and positions AASI one step closer to receiving certification of the aircraft."

He noted the company is now preparing the forward (canard) wing basic load analysis and test plan for FAA approval and to configure the JETCRUZER 500 forward wing for the ultimate structural load test. Dr. Chen emphasized that this specific test was conducted during the JETCRUZER 450 program, the predecessor to the JETCRUZER 500.

"We are confident of our ability to pass this test based upon our previous experience," Dr. Chen added.

He indicated that AASI's JETCRUZER 450 was the first FAA certified spin resistant aircraft, a particularly attractive safety feature. "This is clearly an important advantage compared to the competition and we believe the company is well positioned within a significantly large niche market," Dr. Chen said.

The company will utilize its 200,000-square foot manufacturing facility with a capacity to produce 120 aircraft per year on one shift. AASI Aircraft currently has 188 JETCRUZER 500 aircraft orders, representing a backlog of approximately $226 million. 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 cruise near jet speeds of 345 miles per hour at altitudes of up to 30,000 feet.

This news release may contain forward-looking statements and assumptions that involve a number of risks and uncertainties. The company's actual results could differ materially from those indicated by such statements and assumptions as a result of various factors, including Advanced Aerodynamics & Structures Inc.'s ability to receive FAA certification of its JETCRUZER 500 aircraft, its ability to maintain a Nasdaq listing and other related activities discussed in its Annual Report on Form 10-K for the year ended Dec. 31, 1999, as well as other filings made with the SEC from time to time. Although the company believes that such underlying forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the results contemplated in these forward-looking statements will be realized. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by the company or any person that the company's objectives or plans will be achieved. The company undertakes no obligation to revise the forward-looking statements contained herein to reflect such events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.