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AEROTWIN MODIFIES ENGINE PRODUCTION ARRANGEMENT
Production Engines Being Assembled for Customers
(LAS VEGAS, NV, July 26, 2007) – AirScooter Corporation (OTC: ASCO), an innovator of new air vehicle technology announced a modification to the engine production arrangement between its wholly-owned subsidiary, AeroTwin Motors Corporation, and Sky USA (formerly Astro Products). While initial production engines are being successfully produced from purchased and machined components from a variety of domestic and international suppliers, it has been mutually agreed the fixed price arrangement is not in the best continuing interests of the project. Startup production costs have exceeded Sky’s expectations and AeroTwin desires to have greater control of timing and sources of production. The modified arrangement provides as follows:
“Our focus is on rapidly completing the balance of the first 100 engines and getting them in the hands of paying customers,” said Dwaine Barnes, president of AeroTwin. “Response from first production engines has been positive and we plan to leverage future engine production from proceeds of early sales. While the prior fixed price arrangement offered certain advantages, we believe the modifications allow us to control our costs, manage the source and timing of production and respond to customer requirements and changes.”
The patented AeroTwin aircraft engine produces an efficient 65 hp at 4200 rpm, smooth/flat torque and quiet operation ideal for a wide range of sport vehicles. For more information on the engine visit www.aerotwinmotors.com.
About AirScooter
Corporation
AirScooter Corporation is engaged in the development and commercialization
of advanced manned and unmanned air vehicles and power systems for the
recreational, commercial and government markets. The Company has applied
coaxial counter-rotating dual rotor systems to the AirScooter™ personal
air vehicle (PAV) and the AirScout™ Unmanned Aerial Vehicle (UAV).
The Company's wholly owned subsidiary, AeroTwin Motors Corporation, is
engaged in the manufacture and distribution of the AeroTwin™ 65 HP
lightweight sport aircraft engine. For more information on the company,
its technologies and products please visit www.airscooter.com. For information
on the AeroTwin engine visit www.aerotwinmotors.com.
Safe
Harbor Statement: This press release contains
forward-looking statements within the meaning of the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995. You
should not place undue reliance on these forward-looking statements. These
statements involve risks and uncertainties that could cause actual results
to differ materially from those suggested in the forward-looking statements,
particularly those risks and uncertainties inherent in the process of
developing and distributing aeronautical products and engines. Factors
that may cause such a difference include risks related to our limited
operating history, risks associated with completing development and production
of products, the risk that our products will not meet with market acceptance,
the risk of future warranty and product liability claims, the uncertainty
of access to capital to sustain operations, achieve profitability or continue
as a going concern, the failure to secure and maintain relationships with
suppliers, manufacturers and other third parties, reliance on key employees
and consultants, and dependence on intellectual property. Further information
on the factors and risks that could affect our business, financial condition
and results of operations, are contained in our public corporate documents.
These forward-looking statements are based on information and management's
expectations as of the date hereof. Future results may differ materially
from our current expectations. AirScooter Corporation disclaims any intent
or obligation to update those forward-looking statements, except as otherwise
specifically stated.
CONTACT:
Jim Barnes, Secretary
AirScooter Corporation
(702) 566-4602
investor@airscooter.biz
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