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Advanced Aerodynamics & Structures Inc. (Nasdaq:AASI) today announced that it has closed a Private Equity Line of Credit Agreement with private investors. These investors have committed to purchase up to $20 million of Common Shares over the course of two years. Dr. Carl L. Chen, president and chief executive officer of the company, stated, “The proceeds of the Equity Line will help assure that we can complete both the FAA certification process and the ramping up for mass production of the JETCRUZER 500(TM).” The company has been in the process of preparing for Jetcruzer 500 graphite composite fuselage pressurization tests, flying maximum cruise speed tests and building up three Jetcruzer 500’s for flight and structural tests. Completion of these tests has been delayed by 6 months. The new pressurization feature is the primary difference between the Jetcruzer 500 and the Jetcruzer 450(TM) that was FAA certified in June of 1994. The pressurization test was completed successfully after a 4-month delay in May 2000. AASI is one of only two commercial aircraft manufacturers in the world that has completed the pressurization test for a full composite fuselage. The JETCRUZER 500 is a high-speed single engine, corporate propjet aircraft that can accommodate first class seating for six people, including the pilot. Powered by a Pratt & Whitney propjet engine, the JETCRUZER 500 will cruise near jet speeds of 345 miles per hour at altitudes of up to 30,000 ft. Advanced Aerodynamics & Structures Inc. is a development-stage company organized to design, develop, have certified by the FAA, manufacture and market propjet and jet aircraft for the world business, commercial and government markets.
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