Venga Aerospace Systems Inc.
PINK SHEETS : VNGAF
TSX VENTURE : VAV

Venga Aerospace Systems Inc.

December 18, 2006 09:33 ET

Venga Closes Second Tranche of Private Placement

TORONTO, ONTARIO--(CCNMatthews - Dec. 18, 2006) - Venga Aerospace Systems Inc. ("Venga") (TSX VENTURE:VAV)(PINK SHEET:VNGAF) is pleased to announce that Company has completed the second tranche of its non-brokered private placement announced on November 14, 2006 through the issuance of 4,784,610 common shares priced at $0.05 for gross proceeds of $215,000.00 USD. The securities issued pursuant to this second tranche of the private placement have a four-month resale restriction that expires on April 18, 2007. Venga anticipates closing the last tranche of the private placement before the end the current week. The Company will use the proceeds of this second tranche as a further payment towards Venga's agreed upon capital contribution to the Company's new, 3DP North America Joint Venture.

This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks and uncertainties that may cause the Company's results to differ materially from expectations and speak only as of the date hereof.

SHARES ISSUED: 201,184,633

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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