SOURCE: Utilicraft Aerospace Industries, Inc.

February 20, 2008 09:53 ET

Metalcraft Technologies Resumes Cutting Metal on FF5000 Prototype Aircraft

CEDAR CITY, UT--(Marketwire - February 20, 2008) - Metalcraft Technologies, Inc. (www.metalcraft.net) announced today the restart of the manufacturing of detail parts to support the FF-5000 Freight Feeder prototype aircraft for Freight Feeder Aircraft Corporation, a US private-company (25% owned by Utilicraft Aerospace Industries, Inc. (OTCBB: UITA)) .

"We are pleased to again be building the detail parts that will be assembled into the FF-5000 prototype aircraft. This progress, coupled with the completion of the floor section assembly jig, puts us on the road to completing the first FF-5000," said Chuck Taylor, Metalcraft Vice President. "We have begun forming the Exterior Skins as well as machining the first of the floor section Keel Beams. It is exciting to be part of this new and innovative aircraft," added Taylor.

Earlier this year, Freight Feeder Aircraft authorized Metalcraft to start on the modifications to the existing prototype tooling that it purchased from Utilicraft Aerospace late last year to modify it to accommodate the FF5000 redesign.

The FF5000 Freight Feeder aircraft is designed to accommodate a broad variety of standard industry containers including the M-1 type main deck 96in x 125in containers and pallets such as the AMA and AMJ. The FF5000 is the only regional-sized turboprop aircraft capable of carrying the larger containers which substantially enhances the aircraft's marketability and international applications. More details and specifications on the FF5000 can be found at www.freightfeeder.com.

About Metalcraft Technologies, Inc.

MTI is a vertically integrated manufacturer of aircraft details and assemblies. MTI is capable of taking design models in CAD/CAM format; planning the production of details, and developing such drawings from the models as are required for production; fabricating and processing the details to completion; and then assembling the details into complete assemblies. MTI operates under an AS-9100 registered quality system which ensures traceability of details, subassemblies, and finished assemblies back to the requirements as defined.

About Utilicraft Aerospace Industries, Inc. (OTCBB: UITA)

Utilicraft Aerospace Industries, Inc. is a 25% owner of Freight Feeder Aircraft Corporation. Since the strategic sale of its Freight Feeder aircraft technology in December of 2007 to Freight Feeder Aircraft Corporation, the Company is now focusing its 2008 business-plan development efforts to actively seeking new strategic aerospace products for development, particularly related to the enhancement of the Freight Feeder aircraft in the air-cargo markets worldwide -- to continue to build the asset base, to develop cash-flow, and to continue to build shareholder value.

On December 12, 2007, Utilicraft Aerospace Industries, Inc., filed a Form 8K with the Securities and Exchange Commission announcing that with the approval of fifteen (15) UITA shareholders owning approximately 62.53% of UITA's common stock and its Board of Directors, entered into an Asset Purchase Agreement with Freight Feeder Aircraft Corporation to sell all of UITA's technology and assets to Freight Feeder Aircraft Corporation for a 25% equity position in Freight Feeder Aircraft and warrants for shares of Freight Feeder Aircraft Corporation's common stock, and a 1% Royalty of aircraft sales that are eventually produced and delivered by Freight Feeder Aircraft Corporation. The transaction has a potential value to UITA of approximately $400 million in future royalties and future Freight Feeder Aircraft Corporation stock value received by UITA in this transaction -- subject to the Freight Feeder aircraft program reaching the production phase. (See details of the transaction in the UITA 8K filed on December 12, 2007)

For more on Utilicraft Aerospace Industries, Inc., go to www.utilicraft.com

Forward Looking Statements

This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release involve risks and uncertainties and reflect the company's current views with respect to possible future events. Readers are cautioned that no forward-looking statement can be guaranteed and actual results or events may materially differ from those projected or anticipated. In particular, the following factors, among others, could cause actual results or events to differ materially from those described in the forward-looking statements: the company's ability to obtain and fulfill contracts for the sale of products, protect intellectual property rights and manage future growth; market acceptance of future products; product supplier delays; design and engineering certification delays or denials; and the introduction of similar products by competitors. Any forward-looking statement made in this press release is made as of the date of this press release, and the company assumes no obligation to update any such forward-looking statement, whether as a result of new information, future events, or otherwise. Forward-looking statements in this press release should be evaluated together with the many uncertainties that affect the company's business.

Contact Information

  • Contact:
    Chuck Taylor
    Vice President
    Phone: 435-586-3871
    Website: www.metalcraft.net

    For Utilicraft Aerospace Industries, Inc. Product Information contact:
    Info@utilicraft.com
    Phone: (866) 843-1348

    For Investor Relations contact:
    Mercantile Ascendency:
    Tom Collins
    (214) 461-3500
    tcollins@email.com