ADVANCED AERODYNAMICS AND STRUCTURES INC. (AASI)

The Company was publicly traded as of December 1996 and was founded in 1990 to manufacture light propjet and twinjet aircraft. AASI is organized to design, develop, FAA certify, manufacture and market executive and government new century propjet and twinjet aircraft for all attractive segments of global aviation.

Jetcruzer 500–The Jetcruzer 500 is essentially a pressurized version of AASI’s Jetcruzer 450, which was certified in June 1994. The company has been struggling for several years with financing and certification issues in trying to get its six-place Jetcruzer 500 single-turboprop pusher certified and into production. Earlier this year AASI backed out of a deal that would have placed about 70 percent of its stock with Tiwenz Group, a Chinese-based multimedia company. Tiwenz’s Monterey, Calif. office telephones have since been disconnected and its stock ticker symbol is no longer listed on the over-the-counter bulletin board (OTCBB).

In March the Nasdaq delisted AASI’s stock after it had failed to meet the exchange’s liberal listing requirements, which include a stock price higher than $1. AASI is now listed on the OTCBB. Certification of the Jetcruzer 500 has been nearly a continuous moving target for the last few years, as delays caused by design problems and funding shortfalls have accumulated. Most recent estimates by the company extend possible certification and first deliveries to the middle of next year.

AASI in late July announced that it had received five ship sets of landing gear parts for the Jetcruzer 500. The landing gear components are in various quality checking and assembly stages. According to the company, one set of landing gear is expected to be ready soon for FAA certification drop tests at AASI’s Long Beach, Calif. facility. The other four are being prepared for installation on flight-test and customer aircraft, according to the company.