AeroGroup International Corporation Completes First Phase Of Their Initial Military Contract.Business Editors MELBOURNE, Fla.--(BUSINESS WIRE)--Feb. 5, 2002 AeroGroup International Corporation (Pink Sheets:DRGR) has successfully completed the test phase of its initial `tasking orders' with the U.S. Navy. The tasking orders, which are related to a 3 year contract with JN Technologies, Inc., ran from the week of January 21, 2002 through January 30, 2002. The task involved the use of two of the Company's Hawker Hunter The Hawker Hunter was a British jet fighter aircraft of the 1950s and 1960s. The Hunter served for many years with the Royal Air Force and was widely exported, serving with 19 air forces. A total of 1,972 Hunters were produced by Hawker Siddeley and under licence. fighter aircraft fighter aircraft Aircraft designed primarily to secure control of essential airspace by destroying enemy aircraft in combat. Designed for high speed and maneuverability, they are armed with weapons capable of striking other aircraft in flight. for specific missions over the allotted al·lot tr.v. al·lot·ted, al·lot·ting, al·lots 1. To parcel out; distribute or apportion: allotting land to homesteaders; allot blame. 2. days for a total of 40 hours. The U.S Navy mission, while classified, resulted in gross sales Gross Sales A measure of overall sales that isn't adjusted for customer discounts or returns, calculated simply by adding all sales invoices, and not including operating expenses, cost of goods sold, payment of taxes, or any other charge. to AeroGroup in excess of $250,000. Contracted rates are negotiated as `dry', meaning the Government provides the fuel. This is of considerable value to the Company as fuel costs comprise the greatest single operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. for the Company's tactical fighters. The tasking orders were the first phase of a 3-year agreement in which AeroGroup is the exclusive sub-contractor for JN Technologies, Inc. The Company, as subcontractor to JN Technologies, will provide various military aviation support functions, such as adversarial support, flight training, and flight testing of advanced warfare devices, to the U.S. Government. Upon completion of the mission, AeroGroup's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Mark Daniels said, "We are extremely pleased at the success of the mission. Our staff and aircraft both performed flawlessly." About AeroGroup International Corporation AeroGroup International Corporation is a Florida-based tactical aviation company created in 2001 to capitalize on the shortfalls in aviation support assets within the U.S. Military. AeroGroup has a staff of aviation professionals and an available inventory of tactical aircraft capable of subsonic sub·son·ic adj. 1. Of less than audible frequency. 2. Having a speed less than that of sound in a designated medium. subsonic Adjective and supersonic flight. The Company is well positioned to fly combat fighter support missions each year that go unmet by military training personnel. Certain statements included in this press release are 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. Actual results could differ materially from such statements expressed or implied herein. Factors that might cause such a difference include, among others, competitive pressures, the company's ability to successfully implement traffic, constantly changing technology, associated with recently formed entities. As a result, this press release should be read in conjunction with the Company's periodic filings with the SEC. For additional information or to receive an Aerogroup International Corporation Investor's Information Package Please contact: Tim Wilkins (800) 766-2782 or email at Twilkins@tbfcorp.net |
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