Mooney Board of Directors Approves New Three-Year Business Plan

Business Wire, May 13, 2004

Business Editors/Transportation Writers

KERRVILLE, Texas--(BUSINESS WIRE)--May 13, 2004

The board of directors of Mooney Airplane Company, a wholly owned subsidiary of Mooney Aerospace Group Ltd. (OTCBB:MASG) recently announced its approval of a new three-year business plan. The plan outlines the steps necessary to not only increase sales, but to offer a greater customer support experience to the more than 8,000 Mooney owners worldwide.

"After more than 50 years in the business, we are proud to say that our board stands firm in their belief in the Mooney brand," said Tom Gray, managing director of Mooney Airplane Company. "This business plan outlines our goal to stay true to the values of the Mooney name by delivering the safest, highest quality, highest value aircraft available today."

The plan calls for Mooney to sell more than 70 airplanes in 2004, more than twice its 2003 volume. It also calls for new product features, wider sales presence, additional employees and improvements in production over the next three years.

The plan was approved by the board of directors during a meeting in New York on May 3. In the following two days, the plan was presented to Mooney employees in Kerrville, as well as to members of two Mooney organizations -- Mooney Aircraft Pilots Association (MAPA) and Mooney Owners Association (MOA).

"It was very important for us to get all of our team members on board to support this exciting new period for Mooney," Gray said. "The plan was met with overwhelming support. Now we begin the exciting task of implementing this plan and enhancing our value to the Mooney customer."

Mooney Aerospace Group Ltd. is a general aviation holding company that owns Mooney Airplane Co., located in Kerrville, Texas. Mooney currently sells four models; the highest performing four-place single engine piston powered aircraft, the Bravo DX and GX and the highly rated Ovation2 DX and GX. Mooney is celebrating its 51st Anniversary in Kerrville, Texas, where it has manufactured more than 10,000 aircraft that have been delivered worldwide. Complete information about Mooney aircraft is available at 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.