Venga Aerospace Systems Inc.

Venga Aerospace Systems Inc.

November 14, 2006 13:21 ET

Venga Signs Agreement to Create New 3D Joint Venture: Announces Private Placement

TORONTO, ONTARIO--(CCNMatthews - Nov. 14, 2006) - Venga Aerospace Systems Inc. ("Venga") (TSX VENTURE:VAV)(PINK SHEETS:VNGAF) is pleased to announce that further to its earlier announcements dated, June 22, 2005 and September 15, 2006, it has now entered into a joint venture agreement with 3DP North America, Inc., of Kenner, Louisiana, United Business & Capital Services, LLC of Kenner, Louisiana, EKG, LLC of Lafayette, Louisiana and Armadillo Photo Supply, Inc. ("Armadillo Photo") of Houston, Texas, creating a new joint venture to provide a range of advanced 3D products and print services for both commercial and consumer customers. Pursuant to the terms of the joint venture agreement, Venga will own 30% of the proposed business whose operations will be located in Armadillo Photo's main Houston production facility ( The new joint venture, which will operate as the 3DP North American Joint Venture, will be purchasing a portion of Venga's existing inventory of cameras and production equipment for $50,000.00 USD and will be paying Venga an annual licencing fee of $50,000.00 USD during the currency of the joint venture.

Venga further announces that it has arranged to sell 13,352,400 common shares at a price of $0.05 CDN to raise gross proceeds of $600,000.00 USD. No finder's fee is payable in connection with this private placement. Insiders are not participating in the private placement and no "control persons" (as defined in Policy 4.1 of the TSX Venture Exchange) or new insiders will be created as a result of the private placement. Venga will be using the proceeds of this private placement as the Company's capital contribution to the new joint venture. The closing of the private placement is subject to approval of the TSX Venture Exchange and all shares issued pursuant to the private placement will be subject to a four month hold period following the closing date.

Further to its September 21, 2006 press release, the Company announces that it has paid Global Mineral Investments, LLC. ("GMI") consideration having a value of $45,000.00 USD for the Company's previously announced acquisition of a 3% equity interest in GMI. Venga has the option over the next three years of acquiring up to an additional 15% equity position in GMI at a cost of $30,000.00 USD for each percentage of equity acquired.

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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