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SHAREHOLDER LETTER - HUNTER AIRCRAFT CORPORATION
For_Immediate_Release
Hunter Aircraft Corporation has completed a successful merger with American
Aircraft Corporation. The effective date of this transaction was October
15,1996. As many of you are aware, this action is the result of a two year
reorganization effort by American Aircraft. The company filed for protection
under chapter 11 of the bankruptcy code on December 20, 1994 and subsequently
filed a motion with the court for permission to enter into a Chapter 7
liquidation action. This action was withdrawn in July of 1996 in anticipation of
a merger with Hunter Aircraft Corporation of Sausalito California.
Hunter Aircraft is an existing aircraft manufacturing company. The company
has already developed the "Hunter Helicoptor". This helicopter has a commercial,
as well as Military application. The aircraft is certified and will be
manufactured by Hunter Aircraft Manufacturing Company, a wholly owned subsidiary
of Hunter Aircraft Corporation. This subsidiary is valued at 9 Million dollars.
The new `'Hunter Helicoptor II-A" is scheduled to go into final production at
the end of 1997.
The company has a unique and exciting contractual arrangement with TIC of
Beijing China. This program calls for the manufacture and sale of Gyro copters
to the Chinese government This unique type of aircraft will be used by the
police in China, as well as the military. Three ' two-place copters" are
currently operating in Beijing, and three more are now being manufactured in
California. Upon completion, they will be immediately shipped to Bejing, to join
the existing squadron.
The unique (gyro coptors) are designed by Moody Design of Newport,
California. The Gyros are constructed of a DuPont Kevlar composite and will have
different engine choices of Subaru Rotax or Rotary depending on the application
of their use. Specific models of the Gyros will also be sold in North America by
Hunter Aircraft Corporation. This series of Gyro copters will be named, "Moody
G96" for the two -place model, and "Moody G97" for the four -place unit..
The units were designed by William Moody of Moody Design. Hunter Aircraft
Corporation entered into an agreement to acquire The Moody Design Company, along
with existing designs, from Mr. Moody in 1995. The acquisition of Moody Design
was completed in November of this year by Hunter. This acquisition includes 20%
ownership of "TIC" with an option to acquire 50% of "TIC".
Currently, the company has identified a select group of aircraft related
companies for possible acquisition before years end. These acquisitions will add
significant revenue and value to the Hunter Aircraft Corporation balance sheet.
Explosive growth is expected for fiscal 1997.
In the past few months, the company has made an arrangement with Columbia
Trust. They will exchange newly issued rule 144 shares of Hunter Aircraft for
the free trading shares of the existing shareholders. This voluntary exchange
reflects a 1-1/2 to I replacement offer to shareholders. The purpose of this
transaction is to limit the market float of free trading shares in the new
Hunter Aircraft Corporation. A mandatory 1-30 reverse of shares was also
implemented upon the merger of AAC with Hunter. Again, this was done to limit
the exposure of float to the broker-dealer market makers.
GOOD NEWS
Hunter Aircraft Corporation will offer warrants to the existing shareholders.
This will be accomplished in early 1997. If the company is able to complete a
planned secondary registration, management will include a portion of newly
issued rule 144 shares in this offering as a piggyback as approved by the SEC.
This will allow new rule 144 shareholders the opportunity to trade their shares
prior to the standard two year rule 144 holding period.
MORE NEW DEVELOPMENTS
Hunter Aircraft will enter into a management contract with National
Securities Analysts Inc. of Alexandria Virginia. This management company has the
expertise and management capabilities to make Hunter Aircraft a driving force in
innovative aircraft manufacturing for the 21 st century. NSA has been an active
and valuable consultant with Hunter Aircraft Corporation and American Aircraft
Corporation since January 1995.
For more information, contact: GERALD COMMUNICATIONS Gerald Sterchi -
Investor Relations Director Email: gerald@geraldsnet.com
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