Advanced Aerodynamics & Structures, Inc..

[jmhollen]

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, [e-mail]. For product or corporate information: J. Nelson Happy, Executive Vice President, 562/938-8618, [e-mail]. 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