L. Peter Larson to Speak at Mooney Aircraft Pilots Association Convention

Business Wire, Sept 24, 2002

Business Editors

LONG BEACH, Calif.--(BUSINESS WIRE)--Sept. 24, 2002

Mooney Aerospace Group, Ltd. (OTCBB:MASG) announced today that L. Peter Larson, President and CEO of Mooney Aerospace Group, Ltd., will be speaking at the Mooney Aircraft Pilots Association (MAPA) Convention in San Antonio on Thursday, September 26.

Mr. Larson will speak during the Opening Session that runs from 8:00 a.m. to 10:00 a.m. on Thursday. During his presentation, he will provide a comprehensive update on the company including parts distribution, service centers, sales and production at the Kerrville factory. Also attending are Dale Ruhmel, Executive Vice President, Group Operations & Engineering, and Tom Bowen, Vice President Engineering at the Kerrville facility.

Mooney Aerospace Group is a major participant and sponsor at the convention. Pete Larson stated: "The most important way we can invest our time is to spend several days with our customers. It is critical to our success that we understand their needs now and in the future."

MAPA expects approximately 300 attendees and 150 aircraft flying in for the event from all over the United States and Canada. This is the 28th MAPA convention and the first one since Mooney Aerospace Group acquired the Mooney Aircraft Corporation assets in April. According to Trey Hughes, MAPA president: "We are delighted to have Mooney Aerospace Group as a sponsor and active participant. We appreciate management taking the time to help us understand the new company, the new programs and their long-range plans."

About Mooney Aerospace Group, Ltd.

Mooney Aerospace Group, Ltd. is a general aviation holding company that owns Mooney Airplane Company in Kerrville, Texas. Mooney Airplane Company currently markets three Mooney models: Bravo, Ovation2 and Eagle2. Mooney production began 53 years ago and over 10,000 airplanes have been delivered worldwide. Complete information on the Mooney Airplane Company and its products is available at www.mooney.com.

About Mooney Aircraft Pilots Association (MAPA)

Mooney Aircraft Pilots Association is a non-profit service and support organization for owners and operators of all models of Mooney aircraft. The association represents the majority of the more than 10,000 Mooney aircraft owners worldwide. The association is located in San Antonio, Texas. More information is available at www.mooneypilots.com.

Certain statements contained in this news release regarding matters that are not historical fact are forward-looking statements; actual results may differ materially from those set forth in the forward-looking statements, which statements involve risks and uncertainties. Actual results could differ materially because of factors such as: an inability to complete the acquisition of the assets or stock of other targeted general aviation companies; an inability to successfully or timely restore manufacturing at Mooney; an inability to obtain timely regulatory approval of the Mooney factory; an inability to successfully integrate MASG's operations with those of acquired companies or assets; an inability to obtain sufficient financing to pursue MASG's strategy; an inability to meet estimated production schedules; the competitive market for sales of small business aircraft, and those risks and uncertainties set forth in the Company's most recent Form 10-KSB and Form 10-QSB on file with the SEC.

For further information please contact:

The Mooney Aerospace Group, Ltd., Long Beach, Calif., J. Nelson Happy at 562/938-8618. Additional information is available at the Company's website: www.mooney.com, http://www.mooney.com/