Mooney Airplane Company Hosts Huge Convention of Airplane Owners

Business Wire, Oct 28, 2003

Business Editors/Transportation Writers

The Mooney Aircraft Pilots Association Convention

KERRVILLE, Texas--(BUSINESS WIRE)--Oct. 28, 2003

Mooney Airplane Company, wholly owned subsidiary of Mooney Aerospace Group Ltd., (OTCBB:MASG) hosted the annual meeting of The Mooney Aircraft Pilots Association (MAPA) last weekend. More than 225 Mooney aircraft flew in for the convention, which was attended by over 400 members.

The opening event at the convention was a session led by J. Nelson Happy, the company's president. Mr. Happy briefed the attendees about the company's progress since construction of Mooney aircraft was resumed last year. According to Mr. Happy, Mooney is on target to build and deliver over 40 new airplanes this year, and has about a one-month backlog of customer orders. The company expects to substantially increase sales and production in 2004, Mr. Happy reported.

"It was a great opportunity for us to let our customers know that Mooney is truly back in business and that we are putting a new focus on supporting our aircraft in the field. It is estimated that about 10,000 Mooneys are flying, and we want to be sure that each airplane be well supported by the factory," Mr. Happy stated.

Nicholas Chabbert, executive vice president of marketing and sales, coordinated the event with Trey Hughes, MAPA's executive director. According to Mr. Chabbert, "This was the best MAPA fly in ever. We were able to educate a lot of Mooney owners about what the company is doing, and we noticed a keen interest in our new aircraft models. The Mooney owner community is lively and they speak among themselves a lot, so the good news spread very quickly."

The convention coincided with the 50th anniversary of the company's move to Kerrville, and the start of the Mooney M20's design. MAPA members toured the factory and participated in a barbeque that was attended by over 750 pilots and company employees.

Due to the high aircraft traffic, five aircraft controllers, mostly from Waco, Texas, were manning shifts of the FAA-sponsored temporary control tower.

In other company news, during the annual shareholder's meeting in New York City on Oct. 2, 2003, all issues presented to the shareholders for approval passed by a wide margin, and the entire slate of directors was elected, consisting of Sam Rothman, chairman; J. Nelson Happy, vice chairman; S. H Babad and Sol Mayer. According to Mr. Rothman, "It was great to get together with the shareholders who were able to attend. They expressed enthusiasm for the company's goals, and many stated that they are looking forward to rapid growth of the company during the next year."

Mooney Aerospace Group Ltd. is a general aviation holding company that owns Mooney Airplane Co., located in Kerrville, Texas. Mooney currently sells three models; the highest performing four place single engine piston powered aircraft, the Bravo DX, and its stablemates, the highly rated Ovation2 DX and the economical Ovation. Mooney is celebrating is 50th anniversary in Kerrville, Texas, this year, where it has manufactured more than 10,000 aircraft which have been delivered worldwide. Complete information about Mooney aircraft is available at www.Mooney.com (http://www.Mooney.com).

This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words "plan," "confidant that," "believe," "scheduled," "expect" or "intend to," and similar conditional expressions, are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, the availability of components and successful production of the Company's products, general acceptance of the Company's products and technologies, competitive factors, timing and other risks described in the Company's SEC reports and filings.

For additional information contact:

Mooney Airplane Company

Earle Boyter

P.O. Box 2894

Vero Beach, FL 32961-2894

Phone: 772-696-3683

e-mail: eboyter@mooney.com

www.mooney.com