SOURCE: Velocity Aircraft, Inc.

February 09, 2006 07:00 ET

Velocity Aerospace, Inc. to Acquire Velocity Aircraft, Inc.

LAS VEGAS, NV -- (MARKET WIRE) -- February 9, 2006 --Velocity Aerospace, Inc. (OTC: VLYA) is very excited about current developments with Velocity Aircraft, Inc. The acquisition of Velocity Inc. by Velocity Aerospace is imminent, with both parties diligently working to complete the transactions in February. Velocity Inc. has been selling the futuristic and world-renowned Velocity airplane for over twenty years. The Velocity XL has many years of proven aircraft performance, reliability and safety. The company has sold over 600 aircraft kits, making it one of the largest manufacturers in the aviation industry.

Andrew Edlefsen, CEO of Velocity Aerospace, Inc., commented, "With demand for high-performance, single-engine aircraft increasing worldwide, we believe this to be an excellent time to join with Velocity to make the exciting Velocity airplanes better known throughout the world. Velocity's sterling reputation and extensive experience make this an important acquisition for our company."

About Velocity, Inc.:

Velocity, Inc. was formed in 1984. The company developed the innovative Velocity aircraft, a kit airplane that uses the canard design for improved performance, reduced risk of stalling, and other advantages over traditional single-engine aircraft. The company has developed a model with retractable gear and a five-seat model.

Velocity Aerospace, Inc. (VLYA) is in the business of identifying, developing, and marketing global business and business opportunities with emphasis on aviation projects utilizing their proprietary management techniques.

Safe Harbor for Forward-Looking Statements: Except for historical information contained herein, the statements in this news release are forward-looking statements that involve risks and uncertainties and are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in the future periods to differ materially from forecasted results.

Contact Information

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