"After meeting with the FAA a viable option could not be
reach to allow turbojet operators to continue flying beyond January
1st, 2004 without an installed ELT. The rule will stand as written
with no relief for the hundreds of aircraft awaiting ELT
installations."
Source: AEA, explaining that the FAA has
refused to allow for any extensions to the ELT Regs that will be
taking effect in little more than a day.