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Wed, Aug 03, 2005

Upgraded: Gretchen Jahn

Mooney Aerospace Group Names Her President

Mooney Aerospace Group said Tuesday that Gretchen C. Jahn, CEO of Mooney Airplane Company, a wholly-owned subsidiary, was elected President of the parent company July 21st. She will now perform CEO duties for both companies. She has joined both companies' boards of directors. Barry Hodkin, Mooney Airplane Company's CFO, has assumed the CFO and secretary titles and duties at the parent company as well. These appointments follow the resignation of J. Nelson Happy, who had been serving as vice chairman, president, CFO, and secretary of Mooney Aerospace during the firm's reorganization.

"We congratulate Gretchen on taking over the chief executive role at the parent company in addition to the operating company. We know she will bring to the parent company the same leadership, expertise and enthusiasm that have helped Mooney Airplane Company return to a position of prominence among general aviation manufacturers," said Sol Mayer, a director of the Mooney Aerospace Group. "We also appreciate Nelson Happy's contribution to Mooney's reorganization and wish him well in his future endeavors."

"2005 is turning out to be an excellent year for Mooney under Gretchen's leadership," said Mayer. "We expect to deliver more than twice as many airplanes as last year, and surpassed the 2004 total already in June. Orders are more than 10 percent ahead of last year's pace."

Mooney defines an order taken when a contract is signed between the company and the customer, and the company receives a deposit. A delivery is recorded as a sale on the company's income statement when the balance of the purchase price is paid in full and the airplane is delivered to the customer.

"With a backlog of more than 40 orders, Gretchen's team is ramping up production to keep pace," Mayer added. "As a result, our year over year margins are improving and we expect to become profitable on a quarterly basis sometime during 2006."

"In addition to Gretchen's experience in business management, which gives her the expertise to continue to turn around our company, she understands the needs of our customers," said Mayer. "She herself owns a Mooney Ovation2 GX and has been an avid pilot for more than 20 years."

FMI: www.mooney.com


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