Advanced Aerodynamics & Structures, Inc..

[jmhollen]

Mooney Aerospace Group, Ltd. Raises $3,905,000 Since May 2002

LONG BEACH, Calif.--(BUSINESS WIRE)--July 17, 2002--Mooney Aerospace Group, Ltd., formerly known as Advanced Aerodynamics & Structures, Inc. (OTCBB:AASI), announced today that on June 28, 2002, it closed a $2,000,000 financing from a group of prominent Australian investors who specialize in aviation opportunities. Including this financing, Mooney has raised a total of $3,905,000 from accredited investors in the last two months, through the issuance of convertible notes.

"Closing this additional round of funding provides necessary operating capital and strongly punctuates our commitment to an aggressive growth strategy for Mooney Aerospace Group and to our valued customers. Our goals are to achieve profitability in early 2003, lower manufacturing costs thereby increasing profit potential, and tap into the overwhelming demand for alternatives to commercial airline travel," commented Roy Norris, Chairman and Chief Executive Officer of Mooney Aerospace Group, Ltd.

Since acquiring Mooney Airplane Company in January 2002, the company has successfully achieved the following goals:

-- Restored full production of spare parts for Mooney aircraft

-- Initiated the largest price cut in general aviation history on all Mooney models

-- Rolled out its first new production Mooney airplane to be
delivered in July

-- Received Federal Aviation Administration Production certificate covering Mooney models: Eagle2 (MooneyM20S), Ovation2 (Mooney M20R) and the Bravo (Mooney M20M)

-- Announced that Nicolas Chabbert, a worldwide recognized expert in General Aviation marketing and formerly Vice President of sales and marketing for the French General Aviation manufacturer, Socata, has joined the company as Executive Vice President of Sales and Marketing for Mooney

Aerospace Group, Ltd.

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 over 53 years ago and over 10,000 airplanes have been delivered worldwide. Complete information on the Mooney Airplane Company and its products are available at www.mooney.com.

Certain statements contained in this news release regarding matters that are not historical fact, are forward-looking statements; actual results may differ materially from those set forth in the forward-looking statements, which statements involve risks and uncertainties. Actual results could differ materially because of factors such as: an inability to complete the acquisition of the assets or stock of other targeted general aviation companies; an inability to successfully or timely restore manufacturing at Mooney; an inability to obtain timely regulatory approval of the Mooney factory; an inability to successfully integrate AASI's operations with those of acquired companies or assets; an inability to obtain sufficient financing to pursue AASI's strategy; an inability to meet estimated production schedules; the competitive market for sales of small business aircraft, and those risks and uncertainties set forth in the Company's most recent Form 10-KSB and Form 10-QSB on file with the SEC.


CONTACT: Mooney Aerospace Group, Ltd.
Roy Norris, 562/938-8618
Al Eidson, 816/474-0747
www.mooney.com