Mooney Aerospace Group, Ltd.
Stock Symbol Is Changed

LONG BEACH, CA – July 24, 2002 – Mooney Aerospace Group, Ltd. (OTCBB: MASG) announced today that the Company's stock trading symbol has changed. Previously the Company's common stock traded under the symbol AASI. Effective with the opening of the US markets Tomorrow, July 25, 2002, the company's common stock will trade under the symbol MASG, the A Warrants will trade as MASGW, the B Warrants will trade as MASGZ and the Trading Units will trade as MASGU.

The company was previously known as Advanced Aerodynamics & Structures, Inc. (AASI). On March 18, 2002, the company acquired the assets of the Mooney Aircraft Corporation of Kerrville, Texas through a bankruptcy sale. Since that time, the company has resumed production of airplanes at the Kerrville facility, received a Federal Aviation Administration production certificate for the facility, and produced several new airplanes.

Earlier this year, the company changed its name to Mooney Aerospace Group, Ltd. following the acquisition of the Mooney assets. The Kerrville, Texas based business unit, Mooney Airplane Company, serves as the production facility for Mooney airplanes and operates as a wholly-owned subsidiary of the Mooney Aerospace Group, Ltd.

The company sells airplanes through domestic sales centers and regional sales representatives. The company provides parts and service through a network of over 60 certified Mooney Service Centers. Mooney Aerospace Group, Ltd. is a general aviation holding company that owns Mooney Airplane Company in Kerrville, TX. 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.