Advanced Aerodynamics & Structures, Inc..

[sdhollen]

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, [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 further information about Balfour Advisors, please contact Joseph E. Sarachek, 620 Fifth Avenue, 7th Fl., New York, New York 10020 [phone], [phone] fax or at www.balfournyc.com

For more information, please contact: Roy Norris, [phone], [e-mail], or J. Nelson Happy, [phone], [e-mail], both of Mooney Aerospace Group, Ltd.; or Al Eidson, [phone], [e-mail], for Mooney Aerospace Group, Ltd.; or Mathew Henderson of CEOcast, Inc., [phone], [e-mail], for AASI

SOURCE Mooney Aerospace Group, Ltd.

CONTACT: Roy Norris, [phone], [e-mail], or J. Nelson Happy, [phone], [e-mail], both of Mooney Aerospace Group, Ltd.; or Al Eidson, [phone], [e-mail], for Mooney Aerospace Group, Ltd.; or Mathew Henderson of CEOcast, Inc., [phone], [e-mail], for AASI URL: http://www.balfournyc.com http://www.aasiaircraft.com