Advanced Aerodynamics & Structures, Inc..

[jmhollen]

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, [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: www.mooney.com.

CONTACT: For Mooney Airplane Company, Inc.
Roy Norris, 562/938-8618
[e-mail]
Al Eidson, 816/474-0747
[e-mail]