Advanced Aerodynamics & Structures announces underwriter's exercise of over-allotment option.LONG BEACH, Calif.--(BUSINESS WIRE)--Jan. 15, 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. Although aerodynamics is primarily concerned with flight, its principles are also used in designing automobile and train bodies for minimum drag and in computing wind stresses on bridges, buildings, smokestacks, trees, and other structures. & Structures Inc. (NASDAQ:AASI AASI - Abel Assessment for Sexual Interest AASI - American Association of Snowboard Instructors (affliated with Professional Ski Instructors of America) AASI - Automobile Association of South India) on Wednesday announced the completion of its public offering in late December 1996 with the issuance of 900,000 immediately separable Units pursuant to the exercise of the underwriter's over-allotment option. Six million immediately separable Units, consisting of 6 million shares of Class A Common Stock; 6 million Redeemable Class A Warrants, and 6 million Redeemable Class B Warrants were sold in the public offering on Dec. 3, 1996 by the underwriter, D.H. Blair Investment Banking Corp. of New York City. Each Unit, including the over-allotment, was priced at $5. Net proceeds, after expenses, from the public offering, including proceeds from the over-allotment, were approximately $32.4 million. The company's Class A Common Stock (AASI), Class A Warrants (AASIW) and Class B Warrants (AASIZ) currently trade on the NASDAQ Small Cap Market. The company's Units (AASIU) also trade on the NASDAQ Small Cap Market. Advanced Aerodynamics & Structures Inc., is a development-stage company organized to design, develop, manufacture and market propjet and jet aircraft intended primarily for business use. The company has obtained a type certificate from the United States Federal Aviation Administration (FAA) with respect to a single-engine propjet aircraft powered by a Pratt & Whitney engine; and intends to modify this aircraft for commercial sale as the JETCRUZER(tm) 500, which, the company anticipates, will takeoff and land in less than 1,000 feet, be able to fly at approximately 30,000 feet above sea level, and have a high cruise speed of 350 mph and a range of approximately 1,600 miles. CONTACT: Allen & Caron/South Coast Communications Kent Broussard (investors) Owen Daley (media) 714/252-8440 |
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