Venga Aerospace Systems Inc.

Venga Aerospace Systems Inc.

September 14, 2005 08:00 ET

Venga Enters Into A Development Agreement With ARINC Incorporated To Create An Advanced Aircraft Maintenance Training Center

TORONTO, ONTARIO--(CCNMatthews - Sept. 14, 2005) - Venga Aerospace Systems Inc. (TSX VENTURE:VAV)(PINK SHEETS:VNGAF) announced today that it has entered into a development agreement with ARINC Incorporated and Fulcrum Inc. to explore the creation of an advanced training center capable of providing maintenance training to civil and military aircrews in the worldwide marketplace. The development agreement confirms the parties' intention to proceed in good faith to negotiate and finalize a full business agreement between the parties with respect to the creation, management and operation of the proposed maintenance training center.

ARINC Incorporated ( is the world leader in transportation communications and systems engineering. The company develops and operates communications and information processing systems and provides systems engineering and integration solutions to five key industries: airports, aviation, defense, government, and surface transportation. Founded to provide reliable and efficient radio communications for the airlines, ARINC Incorporated is headquartered in Annapolis, Maryland, and operates key regional offices in London and Singapore, with over 3,000 employees worldwide. ARINC Incorporated is ISO 9001 certified.

"We are, of course, quite excited and pleased to be associated with a leading aerospace company like ARINC Incorporated," stated President of Venga, Hirsh Kwinter. "We hope that this new agreement will be the first of a range of aerospace opportunities that Venga will be able to take advantage of," added Kwinter. "This agreement confirms Venga's ongoing efforts to re-enter the aerospace market," concluded Kwinter.

Venga further announces that it has completed a series of agreements to settle outstanding debts with unsecured creditors through the issuance of capital stock of the company. These agreements require the issuance of two million, seven hundred and eighty nine thousand, six hundred and sixty (2,789,660) common shares at a price of five cents ($0.05) per common share for a total value of one hundred and thirty nine thousand, four hundred and eighty three ($139,483.00) dollars. The issuance of these shares is conditional upon approval of all applicable regulatory bodies.

Venga's graphics division ( markets 3D products for both consumer and commercial applications. The aeronautics division of the Company is currently involved in the development of a range of aerospace projects.

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 risks, uncertainties, and other factors that may cause Venga's results to differ materially from expectations. These include risks relating to company performance, market fluctuations and other risks. These forward-looking statements speak only as of the date hereof. Venga disclaims any intent or obligation to update these forward-looking statements.

SHARES ISSUED: 201,184,633

The TSX Venture Exchange has neither approved, nor disapproved the information in this release.

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