Experienced Composites Manager to Lead Transition to Full-Rate Production on A500 and A700

Englewood, CO, April 17, 2006—— Adam Aircraft announced today the appointment of Rob Penrod as Vice President of Manufacturing. Penrod joins Adam Aircraft from Bell Helicopter. As Director of Operations, he led a business unit of more than 400 employees and annual sales of $600 Million. With cross-functional oversight of manufacturing, tooling, industrial engineering, and quality, Penrod led Bell’s efforts to transition the V-22 Osprey, a complex composite tilt-rotor aircraft, from developmental stages into full-rate production. Prior to joining Bell Helicopter, Penrod spent 19 years with the Aerostructures Corporation of Nashville, Tennessee. Rob has more than 27 years of aerospace experience in manufacturing, quality assurance, program management, marketing, inventory management, and lean methodologies.

"Rob is an important addition to the Adam Aircraft team,” said CEO Rick Adam. “As Vice President of Manufacturing, Rob will spearhead our quest to achieve optimized production rates for the A500 and A700 aircraft as quickly and efficiently as possible."

"Rob’s leadership and knowledge will be essential as we expand our manufacturing operations," said Craig Johnson, Adam Aircraft COO. "With his extensive experience in complex manufacturing operations, including recent, highly relevant experience scaling manufacturing operations for the V-22 composite platform, we expect Rob’s contributions to allow us to deliver our breakthrough aircraft at predictable and scaleable rates."

"The simplicity, intuitiveness, and commonality of the Adam A500 and A700 make these new aircraft a pleasure to build, and easy for both individuals and fleet customers to service and maintain," said Rob Penrod. "I look forward to supporting Craig Johnson and the team as we expand our manufacturing capacity at our facilities in Colorado and Utah."

Adam Aircraft is a designer and manufacturer of advanced aircraft for civil and government markets. The company uses computer-aided design, rapid prototyping, advanced manufacturing techniques, and carbon composite materials to produce high-performance aircraft at attractive prices. The A500 twin-piston aircraft has been Type Certified by the FAA and the A700 AdamJet is currently undergoing flight test and development. The company's largest outside investor is Goldman Sachs. With over 550 employees, .

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Shelly Simi
Public Relations Counsel
Original Release