AASI Aircraft Signs 50 JETCRUZERS in China; Letter of Intent Calls for 30 Aircraft With Options for 20.Business Editors LONG BEACH, Calif. & SHANGHAI Shanghai (shăng`hī`, shäng`hī`), city (1994 est. pop. 12,980,000), in, but independent of, Jiangsu prov., E China, on the Huangpu (Whangpoo) River where it flows into the Chang (Yangtze) estuary. , China--(BUSINESS WIRE)--Aug. 23, 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 ) and China Eastern Aviation Educational Training Co. Ltd. (China Eastern) today jointly announced the signing of a letter of intent for China Eastern to purchase 30 AASI JETCRUZER The AASI Jetcruzer is a single turboprop light civil transport made by AASI. The Jetcruzer has an unusual configuration, with a single turboprop engine driving a pusher propeller, prominent canards, and fins mounted at the ends of its swept wings. 500s, with options to buy an additional 20 aircraft. Deliveries are expected to begin in 2001. Zhang Fen, general manager of China Eastern, said: "We are very impressed im·press 1 tr.v. im·pressed, im·press·ing, im·press·es 1. To affect strongly, often favorably: with the JETCRUZER's performance and cost. It is an ideal plane to meet our strategic plans. With the addition of these aircraft, we will be at the forefront for taking advantage of the China Central Government's new `Go West, Develop West' incentive policy." Dr. Carl Chen, chairman and chief executive officer of AASI, said: "Since participating in the China Beijing Aero Expo in October of 1997, AASI has paid special attention to the huge potential general aviation market in China. After learning of the first private pilot training license granted in China earlier this year, I made a special trip in July to China to discuss with China Aircraft the advantages the JETCRUZER 500 has over other aircraft in this market." Chen continued: "We anticipate that the fastest-growing opportunity for AASI Aircraft in the world market is, without exception, in China. We believe that China is on the verge On the Verge (or The Geography of Yearning) is a play written by Eric Overmyer. It makes extensive use of esoteric language and pop culture references from the late nineteenth century to 1955. of exceptional growth over the next 10 years in its general and corporate aviation segments, and it is AASI's intent to play an early and significant role in this accelerating growth. This letter of intent is a true example of the large scale globalization globalization Process by which the experience of everyday life, marked by the diffusion of commodities and ideas, is becoming standardized around the world. Factors that have contributed to globalization include increasingly sophisticated communications and transportation potential for AASI Aircraft." Chen noted that China Eastern is the only commercial pilot training school currently approved by the China Central Government. He said that China Aviation expects to obtain, within a few months, a regional airline "air taxi air taxi n. A small aircraft that makes short local flights to areas not serviced by regular airlines. " service license to serve the east coast of China and then extend operations to serve all of China. 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. The company currently has a backlog of $226 million. Advanced Aerodynamics & Structures Inc. is a development-stage company organized to design, develop, have certified See certification. 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. |
|
|||||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion