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Wed, Oct 24, 2007

Columbia Shareholders Pick Their Favorite Bidder

Execute Assets Purchase Agreement With Cessna

Monday, Columbia Aircraft Manufacturing Corporation officials revealed shareholders have entered into an Asset Purchase Agreement with Cessna Aircraft Company of Wichita, KS.

The terms of the agreement are consistent with the September 21, 2007 Letter of Intent between the parties, representatives of the Bend, OR planemaker tell ANN.

The combination of the signed Asset Purchase Agreement and requisite deposit solidifies Cessna's position as the "Stalking Horse" in Columbia’s chapter 11 bankruptcy proceeding.

Additionally, Columbia officials reported that revised bidding procedures have been approved by the court and the auction date has been confirmed for November 27, 2007.

Columbia called the signing of the Asset Purchase Agreement, "good news."

FMI: www.flycolumbia.com

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