AASI Receives 17 Additional Orders, Valued At Approximately $20 Million, For JETCRUZER 500 Aircraft.LONG BEACH, Calif.--(BUSINESS WIRE)--Oct. 21, 1997--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 NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :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 ) Tuesday announced it has received 17 additional confirmed orders for its JETCRUZER 500 aircraft. The orders are valued at approximately $20 million and increase the company's backlog to $85 million from $65 million. The company has received nonrefundable cash deposits for each order. Carl Chen, Ph.D., president and chief executive officer of AASI stated: "Increases such as this continue to show a very positive pace for the JETCRUZER propjet aircraft. We have one of the fastest cruise speeds available at the lowest price and this is paying off in increased orders." The JETCRUZER 500 is a high-speed (300 kts, 345 mph) single-engine propjet aircraft, designed for world markets looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. high-speed transportation at the lowest price ($1.295 million). The new JETCRUZER 500 is much longer than the previously FAA- certified JETCRUZER 450 allowing first class passenger seating and comfort for six (including the pilot) and a substantially larger luggage area. The propjet engine by Pratt & Whitney has been increased to a more powerful model PT6A-66A with 1,572 ESHP ESHP Equivalent Shaft Horsepower ESHP Engine Shaft Horsepower (850SHP) output to provide the new JETCRUZER with one of the fastest cruise speeds in the world. A new five-blade, Hartzell propeller has also been added. This high-altitude, high-performance 7ft. 1in.-diameter propeller and propjet engine is combined with a 30,000 ft. cabin pressurization that allows JETCRUZER speeds that approach light jets (345 mph) at a fraction of their purchase and operating costs. Gene Comfort, executive vice president of AASI, stated today: "I am very impressed with the market for the JETCRUZER aircraft. We are substantially ahead of our target goals of 100 aircraft by May 1998, and our expansion of international sales is being received with excellent results." AASI invested $25 million in private funds since 1990 and received an additional $32 million net in December 1996 through a Public Offering (IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. ). The company recently concluded an Industrial Development Bond (IDB (ITS Data Bus) An interface between devices in an automobile endorsed by the Society of Automotive Engineers (SAE). Designed to fulfill the goal of Intelligent Transportation Systems (ITS), the ITS Data Bus enables engine diagnostic equipment, GPS navigation systems, ) with the state of California for an additional $8.5 million for the construction of a 200,000 sq. ft. manufacturing facility at Long Beach Airport. Advanced Aerodynamics & Structures, is a publicly traded, development-stage company organized to design, develop, have certified by the Federal Aviation Administration Federal Aviation Administration (FAA), component of the U.S. Department of Transportation that sets standards for the air-worthiness of all civilian aircraft, inspects and licenses them, and regulates civilian and military air traffic through its air traffic control (FAA), manufacture and market propjet and jet aircraft for the world business, commercial and government markets. This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, as related to AASI's ability to complete the production of its JETCRUZER aircraft. Actual results may differ materially from those indicated by such statements. CONTACT: Advanced Aerodynamics & Structures Inc. David Turner, 562/938-8618 or Pondel Parsons & Wilkinson Michael Pollock, 310/207-9300 |
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