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Mooney Airplane Announces International Partnership to Introduce New Aircraft

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jmhollen   Tuesday, 07/29/03 01:45:13 PM
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Mooney Airplane Announces International Partnership to Introduce New Aircraft

OSHKOSH, Wisc.--(BUSINESS WIRE)--July 29, 2003--Mooney Airplane Company of Kerrville, Texas, a wholly owned subsidiary of Mooney Aerospace Group. Ltd, (OTCBB:MASG) announced at the annual meeting of the Experimental Aircraft Association (EAA) that it signed an agreement to establish an international partnership with BAE Systems, the KASKOL Group, Foxton Investments LTD and Venture Industries in London last week at the BAE Systems headquarters. The purpose of the new alliance is to cause the introduction, development and commercialization of a diverse and innovative range of new generation aircraft under the Mooney banner.


Initially the new consortium will enter into two futuristic areas of aviation production: the manufacture of an innovative sport plane, and the development of an affordable surveillance aircraft for global homeland security efforts. The groundbreaking partnership represents the first time that an international alliance has been forged for the production of general aviation aircraft.

At the signing of the agreement were representatives of each member of the partnership, Mr. J. Nelson Happy, President of Mooney Airplane Company; Mr. Steve Jackman, Vice President for Economic Development, BAE Systems; Mr. Sergey Nedoroslev, CEO, KASKOL Group; Mr. Christian Nielsen of Foxton Investments LTD; and Mr. Darius Preisler, Executive Vice President, Venture Industries.

The Mooney Airplane Company in Kerrville, Texas, is a small, legendary American enterprise--begun in 1953--that continues to manufacture handcrafted airplanes sought after by aviation connoisseurs all over the world. Mooney has no serious competitors in the all metal, four place, and high performance, piston-powered aircraft market. Three models are currently being produced: The Bravo DX, the Ovation 2 DX and the Ovation.

Mr. Happy said at the signing ceremony, "I am very excited about our new international partnership with such outstanding and diversified industry leaders. We will soon be able to add to our line of products including possibly an entry-level aircraft."

Steve Jackman, VP for Economic Development of BAE Systems said: "We are always looking to support innovation. We are keen to participate in such a light aviation program that also offers international cooperation via our Offset agreements. We believe that our technical solutions, specifically in avionics, will offer exceptional capabilities to any airborne surveillance applications. We also see that as an excellent strategic move for Mooney to take the leadership position in the emerging sport plane niche, and the previously unaddressed affordable surveillance aircraft requirements for global homeland security efforts."

Sergey Nedoroslev, CEO of the KASKOL Group of Companies, added: "We firmly believe that our long and successful tradition and experience in the aerospace industry will be manifested globally with such valuable partners."

Nicholas Chabbert, Executive VP of Mooney remarked: "Our agreement would not have been complete if we could not have envisioned and realized the key partner role of KASKOL."

Darius Preisler, Executive VP, R&D of Venture Industries, commented: "We are looking forward to entering the aerospace business with our worldwide experience in the automotive industry for new aircraft and interior technologies."

Partners in the Alliance:

The Mooney Airplane Company is located in Kerrville, Texas, and currently markets three Mooney models: Ovation, Ovation2 DX and Bravo DX. 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.

BAE Systems (www.baesystems.com) is an international company engaged in the development, delivery and support of advanced defense and aerospace systems in the air, on land, at sea and in space. The company designs, manufactures and supports military aircraft, surface ships, submarines, radar, avionics, communications, electronics and guided weapon systems. It is a pioneer in technology with a heritage stretching back hundreds of years. It is at the forefront of innovation, working to develop the next generation of intelligent defense systems. BAE SYSTEMS has major operations across five continents and customers in some 130 countries. The company has 100,000 people and generates annual sales of approximately USD19 billion through its wholly owned and joint venture operations. In the USA BAE SYSTEMS North America employs more than 25,000 people with industrial sites in more than 30 states.

The KASKOL Group of Companies (www.kaskol.ru) is one of the largest private groups in the aerospace and defense sector in Russia. KASKOL holds equity stakes in over 20 Russian and international companies that focus on aircraft design and manufacturing, aircraft cargo operations and high-tech engineering.

Founded in 1988 KASKOL Group of Companies has gradually grown into a company with culture that embraces new technology, fast-paced growth, constant change and devotion to customers and partners.

Venture Industries (www.ventureindustries.com) is one of the largest auto-plastics suppliers in the world, and is headquartered in Detroit, Mich. The company is a leading maker of injection-molded plastic components for automotive OEMs. Products include interior systems, cockpit modules, front-end systems, exterior trim, and closures and panels. Venture Industries also offers design, preproduction, engineering, assembly, tooling and logistics services to most of the world's automakers. Customers include GM, Ford, DaimlerChrysler, BMW and Volkswagen. The company offers engineering and technology services in Asia, Australia, Europe and North America and continues to expand into new regions. Annual sales are over $2 billion, and the company employs 18,000 people.

Foxton Overseas Investments LTD is a private equity investor and consulting company that focuses on the development of global business opportunities emanating from resources in Central and Eastern European and CIS countries.

FOR MORE INFORMATION: Contact Mr. Larry Hunter, Press relations Manager or Mr. Nicolas Chabbert, Executive Vice President, Mooney Airplane Company, 830-896-6000, or visit our Web site, www.mooney.com

CONTACT:
Mooney Airplane Company, Kerrville
Larry Hunter, 830-896-6000
or
Nicolas Chabbert, 830-896-6000
or
www.mooney.com


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