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NOTICE: AASI is now MASG, ..........please go to new board:
http://www.investorshub.com/boards/board.asp?board_id=1255
John
Park your Sub at the iHub - Bub; ....the experience might just "...float your boat..." !!
Mooney Aerospace Group, Ltd. Stock Symbol Is Changed; Common Stock Symbol Becomes MASG
LONG BEACH, Calif.--(BUSINESS WIRE)--July 24, 2002--Mooney Aerospace Group, Ltd. (OTCBB:MASG) announced today that the Company's stock trading symbol has changed.
Previously the Company's common stock traded under the symbol AASI.
Effective with the opening of the U.S. markets tomorrow, July 25, 2002, the company's common stock will trade under the symbol MASG, the A Warrants will trade as MASGW, the B Warrants will trade as MASGZ and the Trading Units will trade as MASGU.
The company was previously known as Advanced Aerodynamics & Structures, Inc. (AASI). On March 18, 2002, the company acquired the assets of the Mooney Aircraft Corporation of Kerrville, Texas, through a bankruptcy sale. Since that time, the company has resumed production of airplanes at the Kerrville facility, received a Federal Aviation Administration production certificate for the facility, and produced several new airplanes.
Earlier this year, the company changed its name to Mooney Aerospace Group, Ltd. following the acquisition of the Mooney assets. The Kerrville, Texas-based business unit, Mooney Airplane Company, serves as the production facility for Mooney airplanes and operates as a wholly owned subsidiary of the Mooney Aerospace Group, Ltd.
The company sells airplanes through domestic sales centers and regional sales representatives. The company provides parts and service through a network of over 60 certified Mooney Service Centers.
Mooney Aerospace Group, Ltd. is a general aviation holding company that owns Mooney Airplane Company in Kerrville, Texas. Mooney Airplane Company currently markets three Mooney models: Bravo, Ovation2 and Eagle2. Mooney production began 53 years ago and over 10,000 airplanes have been delivered worldwide. Complete information on the Mooney Airplane Company and its products is available at www.mooney.com.
CONTACT: For Mooney Aerospace Group, Ltd.
Roy Norris, 562/938-8618
Al Eidson, 816/474-0747
al@eidsonandpartners.com
.
Mooney Aerospace Group, Ltd. Raises $3,905,000 Since May 2002
LONG BEACH, Calif.--(BUSINESS WIRE)--July 17, 2002--Mooney Aerospace Group, Ltd., formerly known as Advanced Aerodynamics & Structures, Inc. (OTCBB:AASI), announced today that on June 28, 2002, it closed a $2,000,000 financing from a group of prominent Australian investors who specialize in aviation opportunities. Including this financing, Mooney has raised a total of $3,905,000 from accredited investors in the last two months, through the issuance of convertible notes.
"Closing this additional round of funding provides necessary operating capital and strongly punctuates our commitment to an aggressive growth strategy for Mooney Aerospace Group and to our valued customers. Our goals are to achieve profitability in early 2003, lower manufacturing costs thereby increasing profit potential, and tap into the overwhelming demand for alternatives to commercial airline travel," commented Roy Norris, Chairman and Chief Executive Officer of Mooney Aerospace Group, Ltd.
Since acquiring Mooney Airplane Company in January 2002, the company has successfully achieved the following goals:
-- Restored full production of spare parts for Mooney aircraft
-- Initiated the largest price cut in general aviation history on all Mooney models
-- Rolled out its first new production Mooney airplane to be
delivered in July
-- Received Federal Aviation Administration Production certificate covering Mooney models: Eagle2 (MooneyM20S), Ovation2 (Mooney M20R) and the Bravo (Mooney M20M)
-- Announced that Nicolas Chabbert, a worldwide recognized expert in General Aviation marketing and formerly Vice President of sales and marketing for the French General Aviation manufacturer, Socata, has joined the company as Executive Vice President of Sales and Marketing for Mooney
Aerospace Group, Ltd.
Mooney Aerospace Group, Ltd. is a general aviation holding company that owns Mooney Airplane Company in Kerrville, Texas. Mooney Airplane Company currently markets three Mooney models: Bravo, Ovation2 and Eagle2. Mooney production began over 53 years ago and over 10,000 airplanes have been delivered worldwide. Complete information on the Mooney Airplane Company and its products are available at www.mooney.com.
Certain statements contained in this news release regarding matters that are not historical fact, are forward-looking statements; actual results may differ materially from those set forth in the forward-looking statements, which statements involve risks and uncertainties. Actual results could differ materially because of factors such as: an inability to complete the acquisition of the assets or stock of other targeted general aviation companies; an inability to successfully or timely restore manufacturing at Mooney; an inability to obtain timely regulatory approval of the Mooney factory; an inability to successfully integrate AASI's operations with those of acquired companies or assets; an inability to obtain sufficient financing to pursue AASI's strategy; an inability to meet estimated production schedules; the competitive market for sales of small business aircraft, and those risks and uncertainties set forth in the Company's most recent Form 10-KSB and Form 10-QSB on file with the SEC.
CONTACT: Mooney Aerospace Group, Ltd.
Roy Norris, 562/938-8618
Al Eidson, 816/474-0747
www.mooney.com
Nicolas Chabbert Joins Mooney Aerospace as EVP of Sales & Marketing; East Coast Sales Manager Also Announced
LONG BEACH, Calif.--(BUSINESS WIRE)--July 9, 2002--Mooney Aerospace Group, Ltd. (OTCBB: AASI) announced today that worldwide recognized expert in General Aviation sales and marketing Nicolas Chabbert has joined the company as Executive Vice President of Sales & Marketing.
Mr. Chabbert is considered one of the leading authorities in the world in General Aviation sales and marketing, having among his most noteworthy achievements the tremendously successful introduction of the Socata TBM-700 single engine turboprop aircraft to the United States.
Mr. Chabbert spent over ten years in general aviation marketing at Socata. Most recently, he served as Senior Vice President Sales & Marketing for Socata Aircraft. Earlier, he served as Director of International Sales for Socata Group Aerospatiale. Mr. Chabbert holds an advanced degree in International Business and holds an Air Transport Pilot rating.
Mr. Chabbert's role will be to lead the worldwide marketing and sales program for Mooney Aerospace Group. He will also be responsible for developing Mooney's three sales centers in Long Beach, Calif., Southern Florida, and Kerrville, Texas, as well as Mooney's team of regional sales representatives.
"Mooney Aerospace Group is delighted to have an individual of Nicolas Chabbert's caliber join our organization," said Roy Norris, Chairman and Chief Executive Officer of Mooney Aerospace Group, Ltd. He added: "At Socata Aircraft, he developed and managed over $100 million in annual sales. His years in aircraft sales and marketing, and particularly his international aircraft marketing experience, will help us achieve the aggressive goals we have set for Mooney both domestically and in the international market."
Mooney Aerospace Group also announced that Earle Boyter had joined the company as Sales Manager for Mooney's Eastern U.S. sales and marketing operations. He will be based in Vero Beach, Florida. Mr. Boyter has over twenty years of general aviation experience and was formerly head of all marketing and sales for Piper Aircraft Company. He also has held marketing and sales management positions at Diamond Aircraft and, most recently, at Socata Aircraft.
"Both Nicolas Chabbert and Earle Boyter represent world-class marketing professionals in General Aviation and continue our tradition of assembling the most talented team of General Aviation professionals in the industry. With our plans for rapid expansion into additional General Aviation product lines, we wanted only individuals with remarkable track records of success in marketing aircraft and the ability to manage a much broader product line than just Mooney. In these two gentlemen, we have exactly that," commented Roy Norris.
Mooney Aerospace Group, Ltd. is a general aviation holding company that owns Mooney Airplane Company in Kerrville, Texas. Mooney Airplane Company currently markets three Mooney models: Bravo, Ovation2 and Eagle2. Mooney production began 53 years ago and over 10,000 airplanes have been delivered worldwide. Complete information on the Mooney Airplane Company and its products is available at www.mooney.com.
For further information, please contact:
The Mooney Aerospace Group, Ltd., formerly known as Advanced Aerodynamics & Structures Inc., Long Beach, Investor Relations Manager, 562/938-8618, IR@mooneyltd.com. For product or corporate information: J. Nelson Happy, Executive Vice President, 562/938-8618, nhappy@mooneyltd.com. Additional information is available at the Company's website: www.mooney.com.
CONTACT: For Mooney Aerospace Group, Ltd.
Roy Norris, 562/938-8618
Al Eidson, 816/474-0747
Mooney Airplane Company Receives FAA Production Certificate; Certification Comes Ahead of Schedule
KERRVILLE, Texas--(BUSINESS WIRE)--June 27, 2002--Mooney Airplane Company, Inc., a wholly owned subsidiary of Mooney Aerospace Group, Ltd. (OTCBB: AASI), announced today that it has received a Federal Aviation Administration (FAA) production certificate that covers the current Mooney models: Eagle2 (Mooney M20S), Ovation2 (Mooney M20R) and the Bravo2 (Mooney M20M).
Jack Jansen, President and Chief Operating Officer of Mooney Airplane Company, said: "This is an important milestone for the Mooney Airplane Company. Since we acquired the company on March 19, we have been working to bring the production back online. We've built the workforce to 102 people and have now received the approval from the FAA to produce and deliver fully certified airplanes."
The Mooney Aerospace Group acquired Mooney Airplane Company, Inc. earlier this year. The company has resumed production and has begun flight tests of the first production airplanes. The first customer delivery is anticipated at EAA's AirVenture Oshkosh 2002 in late July.
"This is an important event in the life of the company. This certification is a significant endorsement of our manufacturing operation in Kerrville, Texas," commented Roy Norris, Mooney Aerospace Group's Chairman and CEO. "The FAA has conducted a thorough review of our operation, our people and our processes. It's gratifying to have received this production certificate and to have received it earlier than we had ever anticipated."
Mooney Aerospace Group, Ltd. is a general aviation holding company that owns Mooney Airplane Company in Kerrville, Texas. Mooney Airplane Company currently markets three Mooney models: Bravo, Ovation2 and Eagle2. Mooney production began 53 years ago and over 10,000 airplanes have been delivered worldwide. Complete information on the Mooney Airplane Company and its products is available at www.mooney.com.
For further information, please contact:
The Mooney Aerospace Group, Ltd., formerly known as Advanced Aerodynamics & Structures Inc., Long Beach, Investor Relations Manager, 562/938-8618, IR@mooneyltd.com. For product or corporate information: J. Nelson Happy, Executive Vice President, 562/938-8618, nhappy@mooneyltd.com. Additional information is available at the Company's website: www.mooney.com.
CONTACT: For Mooney Airplane Company, Inc.
Roy Norris, 562/938-8618
rhnorris@mooneyltd.com
Al Eidson, 816/474-0747
al@eidsonandpartners.com
Mooney Airplane Company Completes the First Flight of a New Production Airplane; Near Flawless First Flight Occurs One Week Ahead of Schedule
KERRVILLE, Texas--(BUSINESS WIRE)--June 25, 2002--Mooney Airplane Company, Inc., a wholly owned subsidiary of Mooney Aerospace Group, Ltd. (OTCBB: AASI), announced today the first flight of a new production Mooney airplane at the company's facility in Kerrville, Texas.
This airplane was an Ovation2, which launched at 10:10 a.m. CDT on June 18, 2002, and was airborne for one hour and 15 minutes.
Mike Miles, Mooney Airplane Company's Experimental and Production Test Pilot, commented on the flight: "I've been a test pilot at Mooney for over 15 years. The airplane the guys put on the line today was one of the best I've ever flown. It flew well and had almost no squawks. I was able to complete all of Test Flight One and a significant portion of Test Flight Two, which includes stalls and speed runs."
Jack Jansen, President and Chief Operating Officer of Mooney Airplane Company, added: "This is a terrific day at Mooney Airplane Company. When we acquired the company exactly three months ago, we established a very aggressive schedule to restart production. We've rebuilt the workforce to 102 employees in Kerrville. We've brought the Fabrication Division back to a fully manned level and are running that part of the facility at full strength; making service parts and filling the line to standard stock levels. It's a tribute to our employees to see how much has been accomplished so quickly, including this near flawless first flight that is one full week ahead of our aggressive schedule. Their experience and professionalism are paying off."
This first production airplane is scheduled for a series of additional test flights before completion including painting. The company's schedule calls for two additional airplanes to enter production test flight in the coming weeks. All three of these airplanes are ahead of schedule. These initial three airplanes will be turned over to sales in July and the first customer delivery is anticipated at EAA's AirVenture Oshkosh 2002 in late July.
"This is a remarkable achievement by our team in Kerrville. Under Jack Jansen's leadership, these dedicated employees are quickly resuming production and are producing a high-quality product ahead of schedule. We could not be more pleased," commented Roy Norris, Mooney Aerospace Group's Chairman and CEO.
Mooney Aerospace Group, Ltd. is a general aviation holding company that owns Mooney Airplane Company in Kerrville, Texas. Mooney Airplane Company currently markets three Mooney models: Bravo, Ovation2 and Eagle2. Mooney production began 53 years ago and over 10,000 airplanes have been delivered worldwide. Complete information on the Mooney Airplane Company and its products is available at www.mooney.com.
For further information, please contact:
The Mooney Aerospace Group, Ltd., formerly known as Advanced Aerodynamics & Structures Inc., Long Beach, Investor Relations Manager, 562/938-8618, IR@mooneyltd.com. For product or corporate information: J. Nelson Happy, Executive Vice President, 562/938-8618, nhappy@mooneyltd.com. Additional information is available at the Company's website: http://www.mooney.com.
CONTACT: For Mooney Airplane Company, Inc.
Roy Norris, 562/938-8618
Al Eidson, 816/474-0747
Mooney Airplane Company Reduces Prices an Unprecedented 20 Percent; Largest Price Reduction in General Aviation History
LONG BEACH, Calif.--(BUSINESS WIRE)--June 20, 2002--Mooney Airplane Company, Inc., a wholly owned subsidiary of Mooney Aerospace Group, Ltd. (OTCBB: AASI), announced today that it has reduced the price of the three Mooney products, the Eagle2, Ovation2 and Bravo, by an average of $90,000. These new prices represent an average 20 percent price decline for the three Mooney models. The company also announced the complete equipment lists and options pricing, the customer support program and details of the manufacturing re-start at the Mooney facility in Kerrville, Texas.
"We are very pleased to announce what we believe are the largest across-the-board price reductions in general aviation history," commented Roy Norris, Chairman and CEO of Mooney Aerospace Group, Ltd. He added: "When we first began working to acquire the Mooney assets, we believed that there was potential for significant cost reductions throughout the operation. Through the work of our operations, engineering and finance teams, we are realizing significant savings and are passing those savings to our customers. These are new, long-term prices for fully loaded aircraft with IFR avionics and autopilot. No smoke. No mirrors."
"Since we began operating the company in January, we have done an exhaustive review of the total production process with two objectives in mind. First, maintaining and enhancing the long-established Mooney quality. Second, reversing the previous cycle of cost increases. We are very pleased with the results - price reductions averaging $90,000 per airplane," said Dale Ruhmel, Executive Vice President of Operations and Engineering.
Mooney Aerospace Group, Ltd. was formerly known as Advanced Aerodynamics and Structures, Inc. (AASI). AASI acquired the assets of Mooney Aircraft in a bankruptcy sale on March 18, 2002. The Company is in the process of restarting the production line. The first new Mooney airplane is scheduled to roll out in July 2002. By the second quarter of 2003, the production rate is forecasted at eight airplanes per month.
"The entire organization has been involved in achieving the cost savings needed to make these price reductions. We have examined our make/buy decisions and brought composite parts fabrication back in-house at a considerable savings. Taking advantage of the hands-on experience of our management team, we have substantially reduced the complexity and cost of the automated work-tracking system to generate only the data needed to run an aircraft manufacturing operation. We have simplified administrative processes resulting in a substantial improvement in the ratio of direct workers to indirect headcount. We have revised our production ordering and scheduling processes to improve workflow and efficiencies. Plus, we've streamlined our distribution with a direct selling approach," explained Pete Larson, the Company's chief financial officer. He added, "I am delighted with the way our people are attacking and solving each of these cost problems with a bit of direction and encouragement. The spirit and work ethic of the people at Mooney are exceptional."
The Mooney line will include three high-performance, four-place single-engine models. The Mooney Eagle2 has a cruise speed of 180 knots and is priced at $299,950. The Ovation2 has a maximum cruise speed of 190 knots and sells for $349,950. The turbocharged Bravo has a maximum cruise speed of 220 knots and is priced at $399,950. All three models offer a complete IFR (instrument flight rules) avionics package, plus autopilot, as standard equipment.
"In the near term, we anticipate manufacturing roughly 100 airplanes per year," commented the recently appointed Mooney Airplane Company President and COO, Jack Jansen. He added, "Our team is in a position to focus extraordinary attention on these 100 key customers."
The company announced its new comprehensive sales program -- the Mooney Alliance. This program includes Mooney showroom sales facilities at the Long Beach Airport in Long Beach, California and at the Louis Schreiner Airport in Kerrville, Texas, plus regional sales representatives. Mooney's Alliance Support program includes over 40 approved Mooney service centers, a 2-year, 600-hour spinner-to-tail warranty and initial training for owners.
The company announced pricing for the three models and the available option packages. The standard equipment on the three models is unchanged from the prior Mooney models.
Aircraft Model Previous Price New Price
----------------------------------------------
Eagle2 $360,000 $299,950
Ovation2 $445,000 $349,950
Bravo $505,000 $399,950
Standard Equipment for the three models:
----------------------------------------
-- GARMIN audio panel/intercom
-- GARMIN transponder with encoder
-- GARMIN 530 GPS/Nav/Com (Ovation2, Bravo)
-- GARMIN 430 GPS/Nav/Com (Eagle)
-- Two-axis autopilot
-- Slaved HIS systems
Ovation2 and Bravo Additional Standard Equipment:
-------------------------------------------------
-- Second GNS 430 with GI106A indicator
-- Polished spinner
-- Precise Flight Speed Brakes
-- Oxygen system (standard on Bravo only)
Selected Options for the three models include:
----------------------------------------------
-- Oxygen System (115.7 cubic foot with four masks)
-- Air Conditioning (25,000 BTU High capacity)
-- TKS Known Ice Protection System
-- Goodrich WX-500 Stormscope(R)
-- Goodrich SkyWatch(R)
See http://www.mooney.com for complete pricing details.
Mooney Aerospace Group, Ltd. is a general aviation holding company that owns Mooney Airplane Company in Kerrville, TX. Mooney Airplane Company currently markets three Mooney models: Bravo, Ovation2 and Eagle2. Mooney production began 53 years ago and over 10,000 airplanes have been delivered worldwide. Complete information on the Mooney Airplane Company and its products is available at www.mooney.com.
For further information, please contact:
The Mooney Aerospace Group, Ltd., formerly known as Advanced Aerodynamics & Structures Inc., Long Beach, Investor Relations Manager, 562/938-8618, IR@mooneyltd.com. For product or corporate information: J. Nelson Happy, Executive Vice President, 562/938-8618, nhappy@mooneyltd.com. Additional information is available at the Company's website: http://www.mooney.com
CONTACT: For Mooney Airplane Company
Roy Norris, 562/938-8618
Al Eidson, 816/474-0747
Mad about Mooney
By Rosa Lavender The Daily Times Published June 12, 2002
John Felderman might have flown more Mooney airplanes than any other person in history. The 80-year-old test pilot worked for the local aircraft manufacturer for 14 years, from 1964 to late 1978, the years the Mooney plant was at its height of production.
“I flew one-third of the Mooney planes that have been completed in the Kerrville plant,” Felderman said.
Felderman returned to the plant last week to reminisce with some of the 100 employees who have returned to work at Mooney in recent weeks.
Mooney airplanes have the best safety record of any civilian aircraft models, but one of the estimated 3,500 planes flown by the veteran pilot ended in an accident.
In 1967, Felderman landed a Mooney with an engine on fire, a remarkable brush with death followed as he crawled out of the plane with burns on his face and arms. Moments later the plane burst into flames.
“They told my wife at the hospital that I shouldn’t have been there, because of the plane exploding after I landed,” Felderman said. “The newspaper reported it as a crash landing, but in fact it was the best landing I ever made.”
The plane slid 385 feet along the ground before Felderman jumped out while fire consumed the fuselage.
“I was in the hospital for 38 days,” Felderman said. “But I had no skin grafting, and 101 days afterward I returned to work at Mooney to test fly the same model of plane that burned.”
Felderman grew up on a farm in South Dakota near the town of Dolan. Dolan was home to former vice president Hubert Humphrey. In fact, Felderman said Humphrey once sold milkshakes to him at the local drug store counter.
In spring 1940, following high school graduation, Felderman went to work for Bell Aircraft Company in Buffalo, N.Y., installing landing gear on P-39 aircraft. He attended night school to get his civilian pilot’s license.
After he gained his pilot’s license he transferred to Moore Field in McAllen for advanced flight training in the fall of 1941. He achieved a commercial license in only five months and then moved to Garner Field in Uvalde.
“I was the youngest flight instructor in the United States at age 19, when I began training four cadets to fly,” Felderman said. “I taught those four and 71 more pilots to fly before the school closed at the end of the war.”
Felderman was sworn into the military during World War II, but was never deployed overseas.
After the war ended in 1945, he returned to South Dakota to fly a crop-duster airplane for the next 14 years.
Flying spray planes is the most hazardous type of flying, Felderman said. The average time for a spray pilot is two years. They constantly fly over or under high line wires, some 10 to 15 feet off the ground and often have accidents.
“I logged 9,000 hours flying crop dusters,” Felderman said. “I figure I’ve flown over a half million high line wires in my life.”
Felderman said he quit flying for awhile in the early 1960s.
“Then an old friend who was the head of the test pilots for Mooney invited me to come fly with him,” he said.
Felderman’s wife was from the Camp Verde area and the couple came to the Hill Country to visit relatives each Christmas.
“Finally, in 1964, I decided to fly a Mooney and pretty soon we moved to Kerrville, and I became the head pilot for Mooney shortly afterward,” Felderman said.
Most of the 14 years he tested Mooney aircraft he flew solo.
“I have flown more single-engine retractable four-place airplanes than anyone in the world,” he said.
Felderman said other companies produced more planes than Mooney, but had more pilots.
After spending 62 years of his life in or around airplanes, he has calculated that he’s spent the equivalent of three years in solid time in the air or eight years at eight hours a day.
“Mooney was a great place to work,” he said. “I remember back in 1974 when 300 employees produced one aircraft every 11 hours at this plant.”
Felderman left Mooney in 1978 and has not flown much since 1980.
Felderman lost his wife a year ago after 58 years of marriage. The couple had two daughters. Both daughters helped him celebrate his 80th birthday on May 17. Felderman plans to leave later this month in his motor home to visit his three brothers in South Dakota.
“I told my brothers if they’d buy a spray plane I’d come up there and spray for them now,” he said. “I was blessed with great reflexes and great eyesight — that’s the reason I’m still alive.”
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Here's something very interesting that a private "...homebuilder..." has done with a Mooney.
He built a personal jet out of one:
http://www.mooneymart.com/Mootation/oshmoo02.jpg
See also:
http://www.mooneymart.com/Frames/Intro/introduction_to_mmfram.htm
http://www.mooneymart.com/Frames/Intro/introduction_to_mmfram.htm
http://www.mooneymart.com/
John
.
Company History
In 1946 brothers Al and Art Mooney founded Mooney Aircraft Corporation in Wichita, Kansas to certify the single-seat Mooney Mite. That was the start of a tremendous heritage of aircraft that are the legacy of this first design. In 1953 the company moved to Kerrville, Texas and since then has produced 10,505 aircraft from that factory.
Production rates have varied over the years, with a high of 767 units produced in 1966 and low of two years of suspended production in 1972-1973. In the last 5 years annual production rates have hovered just under 100 units. In 2001 Mooney produced just 28 aircraft before filing chapter 11 bankruptcy.
The new Mooney Airplane Company is now poised to capitalize on successes of the past and to build on this rich heritage that forms the substance of the brand.
The M20 design shares a common heritage of always being the fastest and comprises a family of 17 distinct models or variations (including a prototype for a two-seat military trainer). Beginning in 1955 the first M20 rolled off the line with a wooden wing & tail and a 180hp Lycoming 4-cylinder power plant. The M20C, the first all-metal Mooney, began production in 1962 and virtually all Mooneys since then have shared a common design. There have been two major modifications to the dimensions of the airframe and many more engine/propeller combinations, each to achieve optimum design criteria or performance goals.
The design has a rich history, but it is a product that has advanced with each new model such that it shares the advantages of a proven airframe combined with the latest in aerodynamic improvements and state-of-the-art capabilities.
The Mooneys produced within the last three years may look similar to older models, but the performance, feel, fit, finish and overall experience are so significantly improved that it seems like an entirely new aircraft design. This provides a distinctive advantage in the market as we continually seek for new reasons for customers to buy new aircraft.
Mooney has always led the market with innovative engineering and strong product development. Among several aviation firsts credited to Mooney are the first pressurized single-engine piston-powered aircraft (M22 Mustang), the first production aircraft to achieve 200mph on 200HP (M20J 201), the first single-engine power control certified in the US (M20L Porsche) and the first single-engine aircraft certified for flight into known icing conditions (M20M Bravo w/TKS anti-icing system). Mooneys have also repeatedly held and broken many performance records, including fastest transcontinental flight in a single-engine, piston-powered production aircraft (M20K 231) and altitude records (also in an M20K 231). The M20M Bravo currently holds the coveted position of being the fastest piston-powered aircraft currently in production (single or twin) and routinely cruises at altitudes and speeds similar to the King Air C90 (twin-engine turboprop). Mooney engineering has always focused on producing the highest performing, safest and most efficient aircraft possible.
Another Mooney hallmark, and a characteristic that has been strengthened over the years, is the capability of the aircraft. Mooneys have always been considered planes for the serious traveler, but recent developments and improvements to the aircraft create an incredibly strong performer in the current market. Among these are enhanced systems in the current aircraft as well as options available as airframe upgrades. Mooney now provides redundant electrical and vacuum systems in all aircraft as well as enhanced engine instrumentation. Airframe upgrades available include built-in Oxygen systems, air conditioning and TKS anti-icing systems (certified for flight into known icing conditions). No other competitor, with models at or even near the speeds of current Mooneys, offers these capabilities. Clearly, as acknowledged by recent comparisons of competing designs, Mooney stands out as being not only the fastest, safest and most efficient choice, they are also the best c hoice for are mission-critical trips.
http://www.aasiaircraft.com/graphics/index_photo.jpg
.
Mooney Aerospace Group, Ltd. (Formerly AASI) Extends Class A and Class B Warrants
LONG BEACH, Calif., May 29 /PRNewswire-FirstCall/ -- Mooney Aerospace Group, Ltd., formerly known as Advanced Aerodynamics & Structures, Inc. (OTC Bulletin Board: AASI) announced today that it has extended the term of its Class A and Class B Warrants, which had been due to expire on May 31, 2002, through August 31, 2002.
For further information, please contact Mooney Aerospace Group, Ltd., Long Beach, CA., J. Nelson Happy or L. Peter Larson, 562/938-8618. ( www.mooneyltd.com ).
SOURCE Mooney Aerospace Group, Ltd.
CONTACT: J. Nelson Happy, or L. Peter Larson, of Mooney Aerospace Group,
Ltd., +1-562-938-8618/
Web site: http://www.mooneyltd.com
.
Parts Sales Increase Drastically at Mooney
LONG BEACH, Calif., May 28 /PRNewswire-FirstCall/ -- The Mooney Aerospace Group, Ltd. (OTC Bulletin Board: AASI) announced today that its sales volume of spare parts had more than doubled since February, reaching a volume which will exceed $3 million in sales per year. Roy H. Norris, President and CEO of Mooney Aerospace Group, Ltd., commented: "The volume of sales of spare parts has been outstanding and we have quickly scaled up to meet the demand. The increase in parts sales means that we are meeting our customer's requirements for efficient delivery and manufacturing of spares, and the huge increase in sales volume is also evidence of the fine job our employees are doing in the Kerrville plant. Our backlog of parts orders is over $200,000 now, and new orders are growing at a rate that matches our increases in manufacturing."
Jack Jansen, President of Mooney Airplane Company, points to the hard work of 25 employees now working exclusively on manufacturing and shipping parts from Kerrville, Texas. "In February, we only had 5 people building parts along with our 4 shippers. We have recalled some of our most experience and talented people, and we now have 21 parts builders. They are very responsive to customer requests, and are pleased to be see to it that parts are shipped out quickly, particularly if a Mooney aircraft is grounded because of a parts need."
Mr. Jansen pointed to four employees who typify the kind of people that are working for Mooney in the parts department; Stanley Feller, Debbie Weise, David Tatsch, and Melissa Dominguez.
Stanley Feller has 44 years of experience at Mooney and he now serves as hammer house foreman. Mr. Jansen commented, "Stanley gets all of the sheet metal built at the plant." Mr. Feller observed that: "In all of the years I have worked for Mooney, I have never seen so much enthusiasm among the employees. Many of us had been laid off, and we didn't know if we would get a chance to come back here. I know I hoped that Mooney would make a comeback, and it has. We all want to do quality work efficiently, and it is very satisfying to know that we now have the backing of management to really get the job done for our customers."
Melissa Dominquez, known as "Missy" to everybody at the Mooney plant, has been the supervisor of customer service for 6 years. "I am really proud to work at Mooney," she said. "We are now able to quickly solve many of our customer's needs, and we are trying had to make our service better every day. I feel as though I have a personal relationship with every Mooney owner, and I want to be sure that each one is treated the way I would want to be treated."
Debbie Weise has been building electrical parts at Mooney for over 10 years, and was recently recalled to make parts to fill customer orders. "I can't tell you how great it is to be back at Mooney," she commented. "We have a great work environment here and we are making sure that we work carefully and quickly at the same time. Mooney owners depend on us to do a great job building parts, and we don't let them down!" she said.
Some of the recalled workers are specialized in the high technology of parts manufacturing, like David Tatsch. David has been with Mooney for more than 24 years, and is the CNC programmer, runs the Amada punch press, and is in charge of the Hass Machining Center, all essential to parts building. "I have had a lot of training in order to do my job, and I am glad that I can do it here at Mooney. Building a high performance airplane like the Mooney is important work, and keeping them flying with an abundant supply of spare parts is a must. I take a lot of satisfaction in what I do here, and I am looking forward to seeing many of my old friends and co-workers as they are recalled," he said.
Mr. Jansen concluded, "We've received positive feedback from our Services Centers as well as aircraft owners on the availability of spare parts. Due to the concentrated effort to replenish our spares inventory, we now have more parts readily available and are reducing lead times. Customer support is vital in the airplane manufacturing business."
Roy Norris added, "We are also scaling up to produce airplanes in the near future. We expect to deliver our first aircraft in July at the EAA show in Oshkosh and deliver a further 20 aircraft this year. We should be at the 100 airplanes per year production rate by January. When we announce our price reduction across the board on all Mooney models, I don't think that production rate will be enough to satisfy the demand. We are looking at ways in which we can accelerate production. It's a 'happy' problem to deal with."
For further information, please contact:
The Mooney Aerospace Group, Ltd., formerly Advanced Aerodynamics & Structures Inc., Long Beach, CA
Investor Relations Manager, 562/938-8618, IR@mooneyltd.com
For product or corporate information: J. Nelson Happy, Executive Vice President, 562/938-8618, nhappy@mooneyltd.com
Additional information is available at the Company's website: www.MooneyLtd.com .
SOURCE Mooney Aerospace Group, Ltd.
CONTACT: Roy Norris of Mooney Aerospace Group, Ltd., +1-562-938-8618,
rnorris@Mooneyltd.com; or Al Eidson, +1-816-474-0747, al@eidson-co.com, for
Mooney Aerospace Group, Ltd.
Web site: http://www.MooneyLtd.com
.
TheSUBWAY.com Announces Investment Opinion: Big News Stocks!
WESTON, Fla.--(BUSINESS WIRE)--May 29, 2002--Keep an eye on The Mooney Aerospace Group, Ltd., formerly Advanced Aerodynamics & Structures, Inc. (OTCBB:AASI). The company is gaining attention quickly. AASI could be a huge winner in the short term.
Other stock market standouts include Palm Inc. (Nasdaq:PALM), down 7% on 21 million shares after SARCOM selects Palm handheld for Sales Team, Yahoo! Inc. (Nasdaq:YHOO), down 3% on 5 million shares after RSCG Worldwide becomes its agency of record for Global Projects, Global Industries Ltd. (Nasdaq:GLBL), down 5% on 2 million shares after news it will install 95 miles of pipeline for Gunnison Project and Research In Motion Ltd. (Nasdaq:RIMM), down 4% on 2 million shares after recently announcing availability of BlackBerry in Italy.
"Investors were given little else to preoccupy themselves in the previous week, with a dearth of economic data scheduled for release, amid a slowdown in the pace of corporate earnings. And although the earnings focus will slow to a trickle in the current week, Wall Street get its fair share of economic releases to digest for more clues on the strength of the recovery in the U.S. economy," stated Peter Antipatis in TheSUBWAY.com's daily commentary. Continued at http://www.TheSUBWAY.com
CONTACT: Capital Research Group Inc., Weston
Charles T. Tamburello, 954/217-9555, Fax: 954/389-5756
Email: chuck@TheSubway.com
Mooney outlook looks positive
http://web.dailytimes.com/story.lasso?-datasource=kerrville&...
By Rosa Lavender The Daily Times Published May 19, 2002
Things are looking up at Mooney Airplane Company despite the fact that stock prices haven’t risen since its change of ownership.
Parts shipping is on the rise, the number of planes to be completed this year has increased by six times and workers once laid off now are back on the job.
President and CEO of Mooney Airplane Company Inc Jack Jansen said Thursday was the best single day for shipping parts since Advanced Aerodynamics and Structures Inc. purchased the local plant earlier this year.
“Our parts business is starting to pick up and things are moving out here,” Jansen said, “and we have 20 more employees coming back to work Monday.”
Mooney Airplane Company Inc. is a subsidiary of Mooney Aerospace Group, the successor to AASI.
Things are going well at the Kerrville plant, said Mooney Aerospace Group president Roy Norris on Friday from his California home. He added that the company expects to deliver its first new airplane in July.
“We have advanced our schedule. Instead of the original three airplanes projected to be completed in 2002, we will produce 20 planes in Kerrville this year,” Norris said.
He said all of the company’s financial issues have been resolved and all payments to Congress Financial are up to date. LH Financial Services Corp in New York has committed to financing the company through mid-2003 when Norris projects the company will become financially self-sufficient.
“LH Financial has 100 percent funded AASI for the past two and a half years,” Norris said. “We are in discussion with another major New York bank that we hope will provide funding for a major new project in the aviation industry.”
Stock prices for the company have remained in the 30 cents-per-share range since mid-March when the San Antonio bankruptcy court approved AASI’s bid to purchase Mooney’s assets.
“We are looking at a change in equity structure that we believe will drive the price of the stock up,” Norris said. “I really think stock prices will rise when Mooney reaches profitability, which we project will happen by mid-2003.”
Norris said he is looking at relocating the West Coast facility to reduce costs and allow for more money to be funneled into the Kerrville operations.
“We have completed the layoff of all our California production workers,” Norris said. “So we don’t need the huge facility we have in Long Beach any longer.”
Norris said the company was paying $170,000 a month in rent on the current facility at the Long Beach Airport.
“All we need is a bunch of offices and a service center at an airport, since all production will be in Kerrville,” Norris said. “We plan to move to another site in California to reduce costs and concentrate money on Kerrville.”
Norris said he has found a facility in Santa Barbara, about 100 miles up the coast from Long Beach, which could provide the needed space for corporate offices, a design center, marketing and a service center.”
Cost of the Santa Barbara Airport facility would be one-third the cost of the present facility, Norris said. He said no final decision had been made yet on the California move.
© 2002 The Daily Times. All rights reserved.
Corporate Profile for Mooney Aerospace Group, Ltd., dated May 17, 2002
May 17, 2002 (BUSINESS WIRE) -- The following Corporate Profile is available for inclusion in your files. News releases for this client are distributed by Business Wire and also become part of the leading databases and online services, including all of the leading Internet-based services.
Published Date: May 17, 2002 Company Name: Mooney Aerospace Group, Ltd. Address: 3205 Lakewood Boulevard Long Beach, CA 90808 Main Telephone Number: (562) 938-8618 Fax: (562) 938-8620 Internet Home Page Address (URL) MOONEY.COM Chairman, Chief Executive Officer: Roy Norris Chief Financial Officer: L. Peter Larson Exec. VP, Gen. Counsel: J. Nelson Happy Industry: Aerospace & Defense Trading Symbol/ Exchange: OTC BB: AASI
Company description: For more than 50 years, Mooney Airplane Company, Inc., a wholly-owned subsidiary of Mooney Aerospace Group, Ltd., has been recognized by pilots worldwide as the leading designer and manufacturer of FAA-Certified, High-Performance, Single-Engine Aircraft. Its ubiquitous brand, the forward swept tail, is instantly recognizable at airports all over the world and helps to create its speed advantage. Mooney Airplane Company currently markets three Mooney models: Bravo, Ovation2 and Eagle2. Mooney production began 53 years ago and over 10,000 airplanes have been delivered worldwide. Complete information on the Mooney Airplane Company and its products is available at www.mooney.com.
CONTACT: Mooney Aerospace Group, Ltd. URL: http://www.businesswire.com Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page.
Copyright (C) 2002 Business Wire. All rights reserved.
Mooney Aerospace Group Engages Balfour Advisors, LLC As Advisors
LONG BEACH, Calif., May 9, 2002 /PRNewswire-FirstCall via COMTEX/ -- The Mooney Aerospace Group, Ltd., formerly Advanced Aerodynamics & Structures, Inc. (OTC Bulletin Board: AASI) announced today that it has entered into an agreement with Balfour Advisors, LLC, a New York investment firm to act as advisors to the company in its acquisition of additional general aviation product lines.
"We have the expertise in place and a plan to acquire at least two other major general aviation product lines that are complementary to the Mooney aircraft models," Roy Norris, Chairman & CEO of the Mooney Aerospace Group, Ltd., said. "We are in serious negotiations with a major producer of single and twin-engine piston aircraft in the six-passenger size range and with Century Aerospace Corporation for the rights to manufacture the Century Jet -- one of the exciting new micro-jet models under development. Our association with Balfour will provide expertise in completing these additional acquisitions, raising operating funds for the company during the near term, and the funds necessary to complete these acquisitions in a timely manner."
"We are very pleased to be able to advise Mooney concerning their acquisition plans as well as their overall financial structure," said Joseph E. Sarachek, President of Balfour Advisors, LLC. Balfour is actively reviewing additional strategic opportunities for Mooney. "I am very impressed with Mooney's management team, and I believe that their business plan will result in a number of successful acquisitions. We look forward to being able to assist the company in obtaining the necessary financing and in working with it to increase shareholder value," said Jay Goldsmith, chairman of Balfour.
Balfour Advisors, LLC, is a New York investment firm that provides financial advisory services to companies. Balfour advised AASI in the acquisition of the secured debt of Congress Financial Corp. that led to the acquisition of the Mooney assets. The Mooney Aerospace Group, Ltd. completed the purchase of assets of Mooney Aircraft Company on April 19, 2002, and is bringing the Mooney production facility back to full operation by year-end.
For further information, please contact
The Mooney Aerospace Group, Ltd., formerly Advanced Aerodynamics & Structures Inc., Long Beach, Investor Relations Manager, 562/938-8618, IR@aasiaircraft.com. For product or corporate information: Nelson Happy, Executive Vice President, 562/938-8618, nhappy@aasiaircraft.com. Additional information is available at the Company's website: www.aasiaircraft.com . For further information about Balfour Advisors, please contact Joseph E. Sarachek, 620 Fifth Avenue, 7th Fl., New York, New York 10020 (212) 489-8040, (212) 265-8049 fax or at www.balfournyc.com
For more information, please contact: Roy Norris, +1-562-938-8618, rnorris@mooneyltd.com, or J. Nelson Happy, +1-562-938-8618, nhappy@mooneyltd.com, both of Mooney Aerospace Group, Ltd.; or Al Eidson, +1-816-474-0747, al@eidson-co.com, for Mooney Aerospace Group, Ltd.; or Mathew Henderson of CEOcast, Inc., +1-212-732-4300, mhenderson@ceocast.com, for AASI
SOURCE Mooney Aerospace Group, Ltd.
CONTACT: Roy Norris, +1-562-938-8618, rnorris@mooneyltd.com, or J. Nelson Happy, +1-562-938-8618, nhappy@mooneyltd.com, both of Mooney Aerospace Group, Ltd.; or Al Eidson, +1-816-474-0747, al@eidson-co.com, for Mooney Aerospace Group, Ltd.; or Mathew Henderson of CEOcast, Inc., +1-212-732-4300, mhenderson@ceocast.com, for AASI URL: http://www.balfournyc.com http://www.aasiaircraft.com
Mooney Airplanes Receive #1 Quality Rating From Airplane Owners Pilotreports, Inc. Reports Survey Results of 2060 Piston Airplane Owners
LONG BEACH, Calif., May 07, 2002 /PRNewsire-FirstCall via Comtex/ -- The Mooney
Aerospace Group, Ltd., formerly Advanced Aerodynamics & Structures, Inc. (OTC
Bulletin Board: AASI), announced today the results of a survey by Pilotreports,
Inc. in which owners of all brands of piston-powered airplanes ranked the
quality of their airplane. The Mooney product line received the highest quality
ranking of all surveyed piston brands.
Much like quality surveys in the automotive industry, Pilotreports measured
opinions in six key areas of satisfaction: Comfort, Performance, Reliability,
Manufacturer Support, Exterior and Overall Appeal. Each of these six quality
areas was measured by scoring and averaging multiple attribute ratings. For
example, Comfort was derived from individual measures for upholstery, cabin
noise, interior layout, passenger room and seat comfort.
Not only was Mooney rated #1 Overall, the brand received top ratings in two of
the six major categories.
Between February 15, 2002 and March 29, 2002, 8000 piston aircraft owners
received the online survey and 2060 of these owners responded. The results were
tabulated and released in April, 2002.
"This survey of current airplane owners reflects the long-established respect
for the Mooney brand," said Roy Norris, Chairman and CEO of Mooney Aerospace
Group. He added, "These are remarkable airplanes, with an extraordinary level of
owner loyalty. We are especially pleased to have had the opportunity to acquire
this product line and to return it to production. This survey reinforces our
belief that the Mooney products have an extraordinary future ahead."
Commenting on the survey, Dale Rummel, Executive Vice President of Operations
and Engineering for Mooney Aerospace Group said, "When you look at the way these
airplanes are designed and built, it's not surprising that owners would rate
them #1 in quality. No other single engine airplane offers this level of
structural integrity, speed and efficiency."
Pilotreports, Inc. is based in Wichita, Kansas and provides Internet-based
market research services to many leading aviation organizations including: AOPA,
BE A PILOT, Eclipse Aviation, Honeywell and Raytheon. This study is the first of
a planned series of annual surveys of aircraft owners. For information on this
research, contact Alan Goodnight at Pilotreports, Inc. (316-218-0475,
alan_goodnight@pilotreports.com ).
Mooney Aerospace Group is a general aviation holding company that owns Mooney
Airplane Company in Kerrville, TX. Mooney Airplane Company currently markets
three Mooney models: Bravo, Ovation2 and Eagle2. Mooney production began 53
years ago and over 10,000 airplanes have been delivered worldwide. Complete
information on the Mooney Airplane Company and its products is available at
www.mooney.com .
For further information, please contact:
The Mooney Aerospace Group, Ltd., formerly Advanced Aerodynamics & Structures
Inc., Long Beach, Investor Relations Manager, 562/938-8618, IR@aasiaircraft.com
. For product or corporate information: Nelson Happy, Executive Vice President,
562/938-8618, nhappy@aasiaircraft.com . Additional information is available at
the Company's website: http://www.aasiaircraft.com
SOURCE The Mooney Aerospace Group, Ltd.
CONTACT: Roy Norris, +1-562-938-8618, rnorris@aasiaircraft.com , or Al
Eidson, +1-816-474-0747, al@eidson-co.com , both for The Mooney Aerospace Group, Ltd.
Out of curiousity, I called Mooney in Kerrville today and asked to talk to "..d'Boss..". Ended up in voice mail, but - by golly - Mr. Jansen, the new Head Muckity-Muck in Charge called me back within about 20 minutes.
He is the new Exec V.P. & COO who is bringing all of the Mooney parts machining, aircraft tooling and assembly lines back on line after the 8-month shutdown due to the bankruptcy.
The first new Mooney, a fully decked-out Ovation, will be off the line by the time EAA's "...OSHKOSH 2002..." rolls around this summer and I'm going to drive up there and see it.
They will also be moving the production of the AASI turboprop and bizjet to the Kerrville facility, which will ensure Mooney-level quality assurance and control.
This is the best General Aviation news I've heard in a long time....!!
GOoooooooooooooooooooooooooooooooooooooooooooooooooo Mooney....!!!
John
ps: As it turns out, Mr. Jansen was the production manager for my other favorite plane the 337 SkyMaster twin, when he was at Cessna. This guy knows good airplanes...!!
Mooney Aerospace CEO Outlines a Breakthrough Opportunity in CEOcast Interview
LONG BEACH, May 2, 2002 /PRNewswire-FirstCall via COMTEX/ -- The Mooney Aerospace Group, Ltd. (OTC Bulletin Board: AASI) announced today that its Chief Executive Officer Roy Norris is currently featured in an interview with CEOcast, Inc., a leading on-line financial portal. In the interview, Mr. Norris cited the tremendous growth in General Aviation aircraft sales that is being generated by the decline in the quality and efficiency of airline service since the 9/11 disaster. The recent acquisition of the assets of the Mooney Aircraft Company positions the company to be a major player in the expanding market for private and corporate aircraft.
"The Mooney acquisition was an incredible opportunity for us," said Mr. Norris. "Its facility in Kerrville, Texas is the lowest-cost aircraft manufacturing facility in the United States. In addition, it makes the fastest line of piston powered single engine aircraft in the world. It is the ideal travel machine for the small and mid-sized business."
Mr. Norris also discussed the company's infrastructure, including its experienced management team, "We have brought in top management with extensive experience in turnarounds and roll-ups," added Mr. Norris. "Our strategy is now to capitalize on the unprecedented opportunities in the sector created by the tremendous demand for alternatives to travel by commercial airlines."
Mr. Norris was previously President of Raytheon Aircraft (formerly Beech Aircraft Co.) and a Senior VP at both Gulfstream and Cessna Aircraft. The Management team also includes Pete Larson, former Chief Financial Officer of Cessna Aircraft, and Dale Ruhmel, former head of Advanced Design and Technical Services at Cessna, along with Nelson Happy, a prominent general aviation attorney and mergers and acquisition specialist who previously served as CEO of Flight International.
The entire interview is available at http://www.ceocast.com
For further information, please contact:
The Mooney Aerospace Group, Ltd., formerly Advanced Aerodynamics & Structures Inc., Long Beach, Investor Relations Manager, 562/938-8618, IR@aasiaircraft.com . For product or corporate information: Nelson Happy, Executive Vice President, 562/938-8618, nhappy@aasiaircraft.com . Additional information is available at the Company's website: www.aasiaircraft.com .
For More Information, Contact: Roy Norris of Advanced Aerodynamics & Structures, Inc., +1-562-938-8618, rnorris@aasiaircraft.com; or Al Eidson, +1-816-474-0747, al@eidson-co.com, or Mathew Henderson, CEOcast, Inc. for AASI, +1-212-732-4300, mhenderson@ceocast.com.
SOURCE Mooney Aerospace Group, Ltd.
CONTACT: product or corporate, Nelson Happy, Executive Vice President of Mooney Aerospace Group, Ltd., +1-562-938-8618, nhappy@aasiaircraft.com; or Roy Norris of Advanced Aerodynamics & Structures, Inc., +1-562-938-8618, rnorris@aasiaircraft.com; or Al Eidson, +1-816-474-0747, al@eidson-co.com, for AASI; or Mathew Henderson of CEOcast, Inc., +1-212-732-4300, mhenderson@ceocast.com, for AASI URL: http://www.aasiaircraft.com
Mooney Now Prepares to Restart Production Line
LONG BEACH, Calif., Apr 30, 2002 /PRNewswire-FirstCall via COMTEX/ -- Advanced
Aerodynamics & Structures, Inc. (OTC Bulletin Board: AASI) announced today that
it had completed the acquisition of the assets of Money Aircraft Company. The
company has also changed its name to Mooney Aerospace Group Ltd.
"The closing of the Mooney asset purchase now establishes our company as a major
player in the General Aviation industry," said Roy Norris, Chairman and CEO of
AASI. "Mooney's top-of-the-line aircraft models have been considered the
pinnacle for most private aircraft owners for more than a half century. Now, we
are positioned to be the low-cost leader in the industry. We plan to reduce
manufacturing costs and increase profitability as a result of entirely new
general aviation manufacturing techniques. Our plan calls for us to achieve
profitability by early 2003."
The company plans to deliver approximately 20 aircraft over the next 8 months
and have Mooney back in full production of 100 units per year by the end of the
year. Mooney, known throughout the world over as the producer of the highest
performance single engine piston aircraft available, has been building aircraft
for over fifty years in its Kerrville, Texas, manufacturing facility. There are
over 10,000 Mooney aircraft in operation around the world today.
Mooney has extremely low manufacturing costs at its Kerrville facility. Texas is
a right to work state and Mooney has never had a union. Additionally, there are
no other large aerospace manufacturers close by to compete for Kerrville's
highly experienced work force.
AASI has transitioned itself from a purely development company to a major
general aviation aircraft manufacturer overnight. "But this is just the first
step in a fast moving process," Norris added. "I have assembled an enviable team
of seasoned aviation professionals including Pete Larson, former Chief Financial
Officer of Cessna Aircraft, and Dale Ruhmel, former head of Advanced Design and
Technical Services at Cessna, along with Nelson Happy, a prominent general
aviation attorney and mergers and acquisition specialist who previously served
as CEO of Flight International."
Mr. Norris was previously President of Raytheon Aircraft (formerly Beech
Aircraft Co.) and a Senior VP at both Gulfstream and Cessna Aircraft.
Norris added, "We have the expertise in place and plan to acquire at least two
other major general aviation product lines that are complementary to the Mooney
aircraft models in the near future. We are in serious negotiations with a major
producer of single and twin engine piston aircraft in the six passenger size
range and with Century Aerospace Corporation for the rights to manufacture the
Century Jet -- one of the exciting new micro-jet models under development."
When asked what brought him out of an early retirement to lead the Company's
aggressive rebirth, Norris said, "Now is a unique time in General Aviation. With
the advent of legal reforms that have reduced exposure to product's liability
claims that so plagued the industry in the 1980's, along with the tremendous
demand for alternatives to airline travel that is being created by the untenable
conditions of airline travel since the 9/11 disaster, General Aviation offers
the ONLY alternative for today's business traveler. Small to medium sized
companies that cannot afford an expensive business jet are turning to small
General Aviation aircraft for their travel needs. This trend is readily apparent
in the 30% annual growth rate in General Aviation aircraft sales over the last
four years and I believe it will accelerate even further."
Buying up the very best models of General Aviation aircraft at a time when the
economy has made them attractive acquisition candidates, coupled with the
development of exciting new products such as the Century Jet, is a formula
Norris has toyed with for a number of years. "But we had to wait for the correct
timing. The increased demand for small general aviation aircraft that has
resulted from the abysmal situation in airline travel today was just the
opportunity I was waiting for", Norris said.
Norris and his team are no strangers to the General Aviation industry. He was a
key player in Cessna Aircraft's rapid growth in sales and profitability through
the introduction of six new models during his tenure at Cessna and growth of
international sales from 17% to 50% of the company's business. Norris and Pete
Larson, CFO, were largely responsible for Cessna's turnaround from a loss to a
substantial operating profit. Norris also was instrumental in increasing
Raytheon Aircraft's sales and earnings by 30% during his tenure there. Dale
Ruhmel, Executive VP of Operations, has been involved with over 30 general
aviation aircraft certifications including such industry winners as the Cessna
Citation I, II, and III, and the Cessna 404 and 414 piston models. He was also
one of the principal designers of the DC-10, and will focus on the Century Jet
program after acquisition.
"My plan is to build a major General Aviation company serving individuals and
small to medium business which have largely been ignored by the industry's rush
to large expensive jet models," added Norris. "I know how to do that because we
did it in the jet business at Cessna and Raytheon. The airline crisis has
created a wonderful opportunity to serve an ignored market. We will do that by
acquiring and manufacturing the best aircraft models the industry has to offer
and then compliment those products with exciting new models. Mooney was the
first step but there will be much more to come."
For further information, please contact:
The Mooney Aerospace Group, Ltd., formerly Advanced Aerodynamics & Structures
Inc., Long Beach, Investor Relations Manager, 562/938-8618, IR@aasiaircraft.com.
For product or corporate information: Nelson Happy, Executive Vice President,
562/938-8618, nhappy@aasiaircraft.com . Additional information is available at
the Company's website: www.aasiaircraft.com .
For More Information, Contact: Roy Norris of Advanced Aerodynamics & Structures,
Inc., +1-562-938-8618, rnorris@aasiaircraft.com; or Al Eidson, +1-816-474-0747,
al@eidson-co.com, or Mathew Henderson, CEOcast, Inc. for AASI, +1-212-732-4300,
mhenderson@ceocast.com
SOURCE Advanced Aerodynamics & Structures, Inc.
CONTACT: Roy Norris of Advanced Aerodynamics & Structures, Inc.,
+1-562-938-8618, rnorris@aasiaircraft.com; or Al Eidson, +1-816-474-0747,
al@eidson-co.com, or Mathew Henderson, CEOcast, Inc. for AASI,
+1-212-732-4300, mhenderson@ceocast.com
URL: http://www.aasiaircraft.com
Thanks for the update, Sean.
.
News Flash: AASI Acquires Mooney Aircraft!
Mooney Generated Over $42 Million In Sales In 2000, But AASI Is Trading Only At $0.22!!!
You may not recognize Advanced Aerodynamics & Structures (OTCBB:AASI) since it is not a household name like Southwest Airlines or Boeing.
However, AASI has recently acquired the assets of Mooney Aircraft Corporation and has changed its name to Mooney Aerospace Group, Ltd. Even the name Mooney may not sound familiar to most investors, and that is exactly the reason why AASI stock may have significant upside.
While Mooney is certainly not as big as Boeing, it is a household name in the single engine aircraft business. There are already more than 10,000 Mooney aircraft in operation around the world.
AASI has recently brought in an entirely new top management team of seasoned industry professionals including Roy H. Norris, former President of Raytheon Aircraft, Pete Larson former CFO of Cessna, and Dale Ruhmel, Cessna's former head of Advanced Design. Why are they involved? There is a big opportunity.
AASI has been trading as high as $0.44 in the past 12 months. But, Mooney generated over $42 million in sales in 2000 and has produced high performance single engine airplanes for over 50 years. The acquisition will explode AASI's sales, and make it a major player in the General Aviation industry.
The upside associated with AASI's stock can be two-fold. First, apparently the investment community has not yet been made widely aware of the acquisition - why else would this stock be trading at $0.24 post-acquisition?
Secondly, as a result of the September 11th attacks, business travel by the airlines has become time consuming and inefficient. Many companies can't afford for their executives to be burdened by the delays of early check-ins and long security lines. They might rather their management have the flexibility and efficiency offered by the company buying their own corporate aircraft. But many companies can't afford expensive business jets. However, Mooney's aircraft cost less than 1/10th the cost of a typical business jet. This way, a company and its top producers can have access to all major airports serviced by the airlines and, more than 5,000 additional airports in the US that don't have commercial airline service. With no waiting lines and direct, point-to-point flights, business trips are conducted quickly and efficiently. Not surprisingly, General Aviation aircraft sales have responded with a 30% annual growth rate over the last four years.
Growth Opportunity:
AASI has now become a leading manufacturer of piston engine General Aviation aircraft with exciting new models in the pipeline. Furthermore, it is now in a position to quickly ramp up its production to take advantage of its solid market potential.
AASI has also announced that it is pursuing additional acquisitions of other top of the line general aviation including Century Aerospace Corporation concerning acquisition of the rights to manufacture the Century Jet, one of the exciting new entrants in the micro-jet market.
With these positive developments it should only be a question of time before the investment community starts paying attention.
Billion Dollar Question:
HOW QUICKLY will institutional and individual investors start buying AASI, and how dramatically will that change AASI's valuation? As Jet Blue Airways' super-successful IPO proves, the investment community agrees with the potential. AASI enjoys strong brand recognition, but the major acquisition has not yet translated into a higher stock prices. AASI may well be our most important profile of this year!!!!!
Advanced Aerodynamics & Structures, Inc. AASI (OTCBB)
Shares Outstanding: 65.5 M 52-week Range: $0.16 -- $0.44
Float: 52.1 M Contact: Matt Henderson,
Recent Price: $0.22 212-732-4300
Having owned a Mooney Chaparral M20E, I think this is a great move...
Mooney is one of the safest, most efficient and most highly performing aircraft in the skies.
GOooooooooooooooooooooooooooooooooooooooooooooo AASI....!!
John
.
AASI Acquires Mooney Aircraft’s Assets
Production to Resume at Mooney’s Kerrville Facility
LONG BEACH, CA, March 18, 2002; Advanced Aerodynamics & Structures, Inc. (OTCBB: AASI) announced it has acquired the assets of Mooney Aircraft Corporation. Judge King, presiding over the US Bankruptcy Court in San Antonio, Texas, signed an order approving the sale at 2:00 PM CST today.
“With the completion of this transaction, we will be in a position to restore full Mooney production in a few months,” said Roy Norris, Chairman and Chief Executive Officer of AASI. He added, “This is the key step in the process of rebuilding the Mooney product line and in building a major new general aviation company.”
AASI has operated Mooney Aircraft since February 6th under a plan approved by the US Bankruptcy Court in San Antonio, TX. Dale Ruhmel, Executive Vice President of Operations and Engineering for AASI, commented, “We are in a position to quickly ramp up production based on the progress we’ve made in the past month. We’ve inventoried spares, and are in the process of calibrating the tooling and reconditioning the machinery.
We’re in a position to support heavy production of spare parts.” Mr. Ruhmel added, “We AASI Aircraft Release have detailed plans to complete the 21 airplanes which were partially completed when production ceased. We anticipate completing the first new Mooney in the third quarter of this year.”
Mr. Jack Jansen, Senior Vice President, Operations, has joined the company with the responsibility of overseeing production operations in Kerrville. He brings years of experience to the company, having previously headed production for both Piper and Mooney. The plan calls for the rehiring of some furloughed workers beginning in late March.
Along with the purchase of Mooney, AASI announced that it intends to change its name to the “Mooney Aerospace Group, Ltd.” The new Mooney subsidiary is being named the “Mooney Airplane Company, Inc.” and will operate as a wholly owned subsidiary of The Mooney Aerospace Group, Ltd.
Roy Norris, Chairman, President & CEO of the Mooney Aerospace Group, said “I am extremely pleased to announce this important acquisition as the first step of our strategy to assemble a new and vibrant general aviation manufacturer composed of the very best aircraft products available today along with revolutionary newly developed aircraft products using the latest in technology and cost effective manufacturing techniques.” Norris indicated that he intends for all aircraft manufacturing for the Mooney Aerospace Group to take place at Mooney’s Kerrville, Texas, manufacturing facility.
Norris further commented, “AASI chose to acquire Mooney in order to maximize shareholder value, a company with sales of $42 million in 2000. Any aircraft company operating in today’s business environment needs to have a multiple model product line AASI Aircraft Release and be composed of both currently produced top of the line aircraft models as well as new development products that take advantage of recent technology advances. In acquiring Mooney, AASI has transformed itself from a startup development company to a going concern and a leading supplier of piston engine aircraft with exciting new models under development.”
Mooney produces top of the line, single engine piston airplanes including the Eagle2, the Ovation2, and the Bravo, which are the performance leaders in the four-passenger single engine aircraft market. For over 50 years, the company has produced high performance piston aircraft, which are considered by many to be the “best of breed” in the owner-flown aircraft market. There are more than 10,000 Mooney aircraft in operation around the world. “We intend to employ proven manufacturing techniques and production control methodologies along with improved sales and distribution techniques to reduce the cost of Mooney aircraft and significantly improve the price performance ratio of all Mooney models”, Norris added.
Norris also commented on AASI’s JETCRUZER 500 program. “Once our new top management team was in place, I asked Dale Ruhmel, our new Executive Vice President of Engineering and an industry acknowledged expert on light aircraft design and certification, to conduct a full technical review of the JETCRUZER 500 program.”
Based on initial results from the review process, AASI announced previously that an estimated 18 month period of redesign of the JETCRUZER 500 would be necessary in order to reduce the weight of the aircraft, to reduce its manufacturing costs, and to make it compatible with the Mooney line of aircraft.
AASI Aircraft Release Norris reported today, “We are continuing our technical review of the JETCRUZER 500 for compliance with FAA certification requirements in such areas as external noise level, weight and balance, and spin resistant certification.”
Norris also reported that the company has entered into discussions with Century Aerospace Corporation concerning acquisition of the rights to manufacture the Century Jet, one of the exciting new entrants in the “micro-jet” market. Norris said, “Bill Northrup has developed a revolutionary new business jet design with the Century Jet that could be priced more than one million dollars below the current least expensive business jet. It could set a new benchmark for low cost business travel by private aircraft and provide a cost effective alternative to airline travel for small- and medium-sized businesses.”
Confirming earlier reports Norris indicated, “We continue to pursue additional acquisitions of other top of the line general aviation models and new product development programs that will complement our existing product lines.”
For further information, please contact:
Advanced Aerodynamics & Structures Inc., Long Beach, Investor Relations Manager, 562/938-8618, IR@aasiaircraft.com. For product or corporate information: Gene Comfort, Executive Vice President, 562/938-8618, gcomfort@aasiaircraft.com.
Additional information is available at the Company's website: www.aasiaircraft.com
For downloadable high-resolution aerial photography of the Mooney Aircraft facility in Kerrville, Texas, see: www.eidson-co.com/mooney.
AASI Postpones Telephonic News Conference
LONG BEACH, Calif., Feb 14, 2002 /PRNewswire-FirstCall via COMTEX/ -- Advanced Aerodynamics & Structures, Inc. (OTC Bulletin Board: AASI) announced today that it has postponed its "Dial and Speak with Management" telephonic news conference. The conference had been scheduled for 11:00 am PST Thursday, February 14, 2002.
For further information, please contact: David Turner of Advanced Aerodynamics & Structures, Inc., +1-562-938-8618.
SOURCE Advanced Aerodynamics & Structures, Inc.
CONTACT: David Turner of Advanced Aerodynamics & Structures, Inc., +1-562-938-8618 URL: http://www.aasiaircraft.com
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AASI to Hold Telephonic News Conference; Dial and Speak With the New Management Team
LONG BEACH, Calif., Feb 12, 2002 /PRNewswire-FirstCall via COMTEX/ -- Advanced Aerodynamics & Structures, Inc. (OTC Bulletin Board: AASI) announced today that it has arranged for a "Dial and Speak with Management" telephonic news conference. The conference is scheduled for 11:00 a.m. PST Thursday, February 14, 2002.
Mr. Roy Norris, the President and CEO of AASI and the former President of Beech Aircraft summarized the telephonic news conference as follows: "I look forward to the opportunity to share our plans with the investment community, shareholders and Mooney owners."
Those interested in participating in this news conference should call the following number at 11:00 a.m. PST Thursday, February 14, 2002:
1-800-556-3831 Pass Code 00965
For further information, please contact: David Turner of Advanced Aerodynamics & Structures, Inc., +1-562-938-8618.
SOURCE Advanced Aerodynamics & Structures, Inc.
CONTACT: David Turner of Advanced Aerodynamics & Structures, Inc., +1-562-938-8618 (AASI)
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Wed, Jan 23 7:35am EST
AASI Aircraft Adds In-House Counsel; Lindsey Has Harvard Law Degree, Passed CPA Exam (Source: PR Newswire)
http://www.pcquote.com/stocks/news/getnews.php?ticker=AASI&newsstory=CX20020123p124&start=0
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Tue, Jan 15 7:31am EST
AASI Extends Warrant Expiration Date (Source: PR Newswire)
http://www.pcquote.com/stocks/news/getnews.php?ticker=AASI&newsstory=CX20020115p5a8&start=0
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Thu, Jan 10 7:53am EST
TheSUBWAY.com Announces Investment Opinion: Resumption of Growth! (Source: Business Wire)
http://www.pcquote.com/stocks/news/getnews.php?ticker=AASI&newsstory=CX20020110b6ei&start=0
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Mon, Dec 31 7:35am EST
AASI Extends Warrant Expiration Date; Both Class A and Class B Warrants Are Extended (Source: PR Newswire)
http://www.pcquote.com/stocks/news/getnews.php?ticker=AASI&newsstory=CX20011231p0ds&start=0
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Wed, Dec 19 7:35am EST
AASI Aircraft Selects Michelin Tires (Source: PR Newswire)
http://www.pcquote.com/stocks/news/getnews.php?ticker=AASI&newsstory=CX20011219p60d&start=0
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Wed, Dec 12 7:35am EST
AASI Aircraft Signs Limco; Selects Best Engine Oil Cooler Supplier (Source: PR Newswire)
http://www.pcquote.com/stocks/news/getnews.php?ticker=AASI&newsstory=CX20011212p34j&start=0
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Mon, Dec 3 7:35am EST
AASI Aircraft Extends Warrant Expiration Date
http://www.pcquote.com/stocks/news/getnews.php?ticker=AASI&newsstory=CX20011203p6ol&start=0
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Wed, Nov 21 7:35am EST
China Invites AASI Aircraft Chairman to Address Aviation Industry in China -- Dr. Chen, AASI Chairman, to Speak at the '21st Century China General Aviation Conference' in Beijing Ch (Source: PR Newswire)
http://www.pcquote.com/stocks/news/getnews.php?ticker=AASI&newsstory=CX20011121p3e2&start=0
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