AASI Aircraft Receives $2.5 Million Proceeds; Second Installment of Private Placement.Business Editors LONG BEACH, Calif.--(BUSINESS WIRE)--July 17, 2000 Advanced Aerodynamics aerodynamics, study of gases in motion. As the principal application of aerodynamics is the design of aircraft, air is the gas with which the science is most concerned. & Structures, Inc. (Nasdaq:AASI AASI American Association of Snowboard Instructors (affliated with Professional Ski Instructors of America) AASI Abel Assessment for Sexual Interest AASI Automobile Association of South India ) today said that it has received the second installment, $2.5 million, of a $10 million private placement announced earlier this year. The $2.5 million brings to $7.5 million the total proceeds it has received to date from the placement reported in March. The company said the proceeds of this installment would be used in its ongoing efforts to complete the FAA certification process and commence mass production of the JETCRUZER 500(TM). AASI received the first installment of $5 million in March 2000 and expects to receive the final installment in the fall of 2000. The dispensation DISPENSATION. A relaxation of law for the benefit or advantage of an individual. In the United States, no power exists, except in the legislature, to dispense with law, and then it is not so much a dispensation as a change of the law. of the second installment was based on AASI achieving several objectives, prime among them passing the FAA composite fuselage pressurization Pressurization generally refers to the application of pressure in a given situation or environment; and more specifically refers to the process by which atmospheric pressure is maintained in an isolated or semi-isolated atmospheric environment (for instance, in an aircraft, or test for the JETCRUZER 500(TM). The private placement comprised the sale of 5-year Series A 5% cumulative convertible preferred stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". from AASI Aircraft. The shares are convertible, subject to adjustment in certain circumstances, into AASI common stock at a price equal to $3.69 per share, a price determined based upon a three-day average closing bid during the period March 1-3, 2000, which was close to the company's 52-week high. The company currently has 188 JETCRUZER 500 aircraft orders, representing a backlog of $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 ft. It is capable of flying from Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. to New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of with only one stop. 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. ; 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. |
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