AASI Receives Orders Valued at $27 Million for 23 JETCRUZER 500 Aircraft; Total Backlog Increases to $180 Million for 150 Aircraft.LONG BEACH, Calif.--(BUSINESS WIRE)--Aug. 12, 1998--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 ) Wednesday announced that it has received 23 additional orders for its JETCRUZER 500 corporate aircraft. The orders, valued at $27 million, increase the company's backlog to $180 million for 150 aircraft. The JETCRUZER 500 is a high-speed single-engine, corporate propjet aircraft that can accommodate first-class seating for six people, including the pilot. The interior of the aircraft is being designed by Designworks/USA, a subsidiary of BMW BMW in full Bayerische Motoren Werke AG German automaker. Founded as an aircraft engine manufacturer in 1916, the company assumed the name Bayerische Motoren Werke and became known for its high-speed motorcycles in the 1920s. . Powered by a Pratt & Whitney propjet engine, the JETCRUZER 500 can fly at 360 miles per hour 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 at altitudes up to 30,000 feet, with only one stop. "The positive response for this unique airplane airplane, aeroplane, or aircraft, heavier-than-air vehicle, mechanically driven and fitted with fixed wings that support it in flight through the dynamic action of the air. confirms our belief that there is strong worldwide demand for a corporate aircraft that offers high performance and first-class comfort, at reasonable costs," said Carl Chen, Ph.D., chairman and chief executive officer. "Flight tests of the JETCRUZER 500 continue on schedule. We anticipate receiving a Type Inspection Authority (TIA (1) (Telecommunications Industry Association, Arlington, VA, www.tiaonline.org) A membership organization founded in 1988 that sets telecommunications standards worldwide. It was originally an EIA working group that was spun off and merged with the U.S. ) certificate from the FAA in the fourth quarter 1998. At that point, we will start initial production of the first four aircraft. Shortly thereafter, we expect to be in full-scale production on the balance of the 180 planes we have on order," Chen said. Construction is under way on a state-of-the-art 200,000-square-foot manufacturing facility to accommodate the production of more than 120 JETCRUZER aircraft per year. The building is located at the Long Beach Airport. "We are very pleased with the worldwide reception of our high-performance JETCRUZER 500. Our success is due directly to the efforts of our professional marketing and sales people, who have done a fantastic job. We look forward to moving into our new headquarters/manufacturing facility, which is nearing completion. Our long-term goal is to start full-scale production and meet customer demand for this unique aircraft," Chen said. Advanced Aerodynamics & Structures is a 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. The information contained in this news release contains certain 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. that involve risk and uncertainties, such as the statements of the company's plan, objectives, expectations and intentions, including, but not limited to, the time of receiving its TIA certificate and the commencement of full-scale production. The company's actual results could differ materially from those indicated by such statements as a result of various factors, including those discussed in the company's Form 10-KSB and Form 10-QSB on file with the SEC.
CONTACT: Advanced Aerodynamics & Structures Inc., Long Beach
David M. Turner, 562/938-8618
or
Pondel Parsons & Wilkinson, Los Angeles
Michael Pollock or Roger Pondel, 310/207-9300
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