American Utilicraft Signs Letter of Intent with North Atlantic Industries, BV to Negotiate Agreements to Deliver 50 FF-1080-200 Freight Feeder Aircraft and Provide Exclusive Distributor Rights.

Business Editors

LAWRENCEVILLE, Ga. & ALMERE, The Netherlands--(BUSINESS WIRE)--Aug. 6, 2001--American Utilicraft Corporation (OTC BB:AMUC) and North Atlantic Industries, BV (NAI) today jointly announced that the companies have signed a Letter of Intent to negotiate an Aircraft Purchase Agreement for the delivery of 25 (twenty-five) FF-1080-200 Freight Feeder Aircraft, with options for an additional 25 (twenty-five) FF-1080-200s.

The companies expect to finalize the terms of a Purchase Agreement for delivery of the first twenty-five aircraft within the next 45 days. NAI intends to resell or lease the Aircraft according to the to-be-negotiated Exclusive Distributor Agreement. Assuming that a final agreement is reached, the parties expect delivery of the first twenty-five aircraft to made on or before December 2003, with an estimated total purchase price of $250 Million. The Letter of Intent is subject to NAI making a refundable deposit of $1 Million US on or before August 30th.

According to the Letter of Intent, the parties have also agreed to negotiate a Distributorship Agreement under which American Utilicraft will grant to North Atlantic Industries exclusive distributor rights to market, sell and support the FF-1080-200 in Europe, South East Asia, India, Ethiopia, and Mongolia.

"We are very pleased that North Atlantic Industries has signed the Letter of Intent to act as American Utilicraft's exclusive distributor in these important International freight markets. The Letter of Intent reinforces our belief that the FF-1080 can fulfill the anticipated growing need in the short haul feeder segment, which we believe is an untapped market. This will be a great opportunity to prove the FF-1080 on a worldwide basis and hopefully become the industry standard in the short haul segments," stated John J. Dupont, President and CEO of American Utilicraft.

Under the anticipated terms of the Distributorship Agreement, North Atlantic Industries will have aircraft sales responsibilities in their markets, working in partnership with American Utilicraft to bring the FF-1080-200 to air freight customers. As part of the Distributorship program, North Atlantic Industries will also develop, in partnership with American Utilicraft, Maintenance and Product Support programs for the FF-1080-200 in all NAI international markets.

About North Atlantic Industries

North Atlantic Industries, BV provides lease financing for numerous aircraft including, the Boeing B737, Embraer EMB145, and Fokker F50, and possesses a history of experience and expertise in the aviation industry with direct contacts with major international airlines, as well as strong relationships with many of the World Government's Ministers of Transport. NAI is also a remarketer of used Fokker aircraft in Europe, the Far East and Africa.

For more information on North Atlantic Industries BV, contact:

Mr. Rob Stegeman, Director - NAI, in The Netherlands:

Phone: [phone], Fax: [phone]

Email: [e-mail]

About American Utilicraft Corporation

American Utilicraft Corporation was founded to target the significant problem of addressing the overnight express, USPS, and e-commerce entities inability to provide effective fulfillment and distribution in the short haul (or feeder) route segments of air cargo. The Company is in the final phase of development of a new air vehicle, the FF-1080-200 Freight Feeder aircraft, which upon completion is expected to have the capability of carrying standard industry air containers on short-to-medium range/medium density routes, and an integrated air cargo information system for the freight feeder market.

For more information visit the Company's website at www.utilicraft.com

Safe Harbor Statement

This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release involve risks and uncertainties and reflect the company's current views with respect to possible future events. Readers are cautioned that no forward-looking statement can be guaranteed and actual results or events may materially differ from those projected or anticipated. In particular, the following factors, among others, could cause actual results or events to differ materially from those described in the forward-looking statements: the company's ability to obtain and fulfill contracts for the sale of products, protect intellectual property rights and manage future growth; market acceptance of future products; product supplier delays; design and engineering certification delays or denials; and the introduction of similar products by competitors. Any forward-looking statement made in this press release is made as of the date of this press release, and the company assumes no obligation to update any such forward-looking statement, whether as a result of new information, future events, or otherwise. Forward-looking statements in this press release should be evaluated together with the many uncertainties that affect the company's business, particularly those mentioned in the Risk Factors section contained in the company's Form SB-2, as filed with the Securities and Exchange Commission.