Advanced Aerodynamics & Structures, Inc..

[jmhollen]

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, [e-mail] . For product or corporate information: Nelson Happy, Executive Vice President, 562/938-8618, [e-mail] . Additional information is available at the Company's website: www.aasiaircraft.com .

For More Information, Contact: Roy Norris of Advanced Aerodynamics & Structures, Inc., [phone], [e-mail]; or Al Eidson, [phone], [e-mail], or Mathew Henderson, CEOcast, Inc. for AASI, [phone], [e-mail].

SOURCE Mooney Aerospace Group, Ltd.

CONTACT: product or corporate, Nelson Happy, Executive Vice President of Mooney Aerospace Group, Ltd., [phone], [e-mail]; or Roy Norris of Advanced Aerodynamics & Structures, Inc., [phone], [e-mail]; or Al Eidson, [phone], [e-mail], for AASI; or Mathew Henderson of CEOcast, Inc., [phone], [e-mail], for AASI URL: http://www.aasiaircraft.com