Mooney Aerospace Group, Ltd. Announces New Trading Symbol MASG on the OTCBB Effective Immediately
KERRVILLE, Texas--(BUSINESS WIRE)--June 26, 2003--Mooney Aerospace Group, Ltd (OTCBB:MASG) has brought current all of its required filings with the Securities and Exchange Commission, including its Form 10K for the year ending December 31, 2002, and its Form 10Q for the quarter ending March 31, 2003. As a result, effective today, the OTCBB has changed its symbol to: "MASG".
J. Nelson Happy, President of Mooney Aerospace Group, Ltd., stated: "It took a lot of hard work to get our financial filings current. We had been delayed by the move from Long Beach, California to Kerrville, Texas, and our change of audit firms. However, we are now current and we plan to stay that way. Further, our financial restructuring which was previously announced has been completed, thus we feel we have accomplished two important milestones in the past few weeks."
On June 12, 2003 the Company announced that it had reached agreement and implemented a restructuring plan with all of its convertible note holders to waive all outstanding defaults and set fixed note conversion prices. The floating conversion features have been deleted. In connection with the restructuring, the Company has already received more than $5,000,000 of new funding and has commitments for additional funding which the Company intends to close in the near future.
The conversion price for the holders of secured notes is half of the conversion price set for holders of unsecured convertible notes and the holders of preferred stock. All of the convertible note holders have waived all prior defaults, including all accrued damages, and have also agreed to cancel all outstanding warrants held by them. In addition, the unsecured note holders have extended the maturity date of the unsecured notes by three years to June 2006. The interest rate on the notes has been reduced from 8% to 3% that will result in substantial savings to the Company.
Mr. Happy stated: "We are pleased to have this restructuring behind us, and gratified by the confidence shown by our investors, both old and new, by taking this step. We believe that this restructuring will go a long way to insure the company's future by helping to clean up its capital structure. Not many companies get a second chance from their investors like the one we have just received, and we hope to make the most of this opportunity for the Company and its shareholders." The Company has filed a Form 8-K detailing the transaction.
Mooney Aerospace Group, Ltd. is a general aviation holding company that owns Mooney Airplane Co., located in Kerrville, Texas. Mooney currently sells three models; the highest performing four-place single engine piston powered aircraft, the Bravo DX, and its companions, the highly rated Ovation2 DX, and the economical Ovation. Mooney is celebrating is 50th Anniversary in Kerrville, Texas this year, where it has manufactured more than 10,000 aircraft which have been delivered worldwide. Complete information about Mooney aircraft is available at www.Mooney.com. (http://www.Mooney.com).
CONTACT:
Mooney Aerospace Group Ltd., Kerrville
Terry Freeman, 830/792-2935
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