SOURCE: Utilicraft Aerospace Industries Inc.

April 02, 2007 07:00 ET

Utilicraft Aerospace Industries Announces the Appointment of New CFO

ALBUQUERQUE, NM -- (MARKET WIRE) -- April 2, 2007 -- Effective March 26, 2007, Randy Moseley will serve as the newly appointed CFO for Utilicraft Aerospace Industries Inc. (OTCBB: UITA). Karen Shoemaker, former CFO of the Company, will continue to serve in a new posittion as Vice President - Controller.

Mr. Moseley, 60, brings extensive working knowledge and background to the Company, having operated in many executive positions in a variety of market sectors.

Mr. Moseley serves as a director, executive vice president and CFO of Urban Television Network Corp., a network of independent broadcast television stations and cable operators; he has served Urban Television in various offices and as a director since 2001. In 2005 and 2006, Mr. Moseley was an executive vice president and the CFO for The Furia Organization, Inc. From 1999 to 2001, Mr. Moseley served as an executive vice president and chief financial officer for Tensor Information Systems, Inc., a private Fort Worth company in the business of developing custom software applications. From 1993 to 1999, Mr. Moseley served in the same capacity for American Independent Network Corporation, a Fort Worth-based public company that provided generic programming to independent television stations across the country.

Mr. Moseley, a Certified Public Accountant, earned a BBA degree from Southern Methodist University. He is a member of the Texas Society of CPAs and the AICPA.

Mr. Mosely has no family relationships with any other officer or director of the Company, and has never had any direct or indirect material interest in any transaction effected by the Company.

About Utilicraft Aerospace Industries, Inc.:

Utilicraft Aerospace Industries, Inc. was formed to implement a system solution to the current problem of declining capacity in the short haul (or feeder) route segments of the air cargo and overnight express companies.

The FF-1080-300ER Freight Feeder aircraft is a new air vehicle which is the result of Utilicraft's extensive research and development. The FF-1080-300ER is revolutionary because of its capability to carry standard industry air containers on short-to-medium range/medium density routes combined with the aircraft's integrated air cargo information system for the freight feed market.

The FF-1080-300ER, an all aluminum twin-engine, high-wing, un-pressurized, fixed gear, single pilot capable, turboprop aircraft, specifically designed as a utility air freight transport system. The aircraft satisfies an industry-recognized need to cost-effectively feed containerized air cargo to the major hubs of the scheduled passenger carriers and the overnight express airlines.

The aircraft is also designed for short take-off and landing (STOL) capability. This feature makes the FF-1080-300ER the only short-haul, heavy-lift containerized feeder aircraft capable of cost-effectively transporting ten revenue tons over two thousand nautical miles from airfields with less than 3,500 feet of runway, expanding air cargo capacity to many smaller cities and airports worldwide.

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