UITA Utilicraft Aerospace Industries Inc (CE)

Utilicraft Aerospace Industries, Inc. (OTC BB: UITA). �This is a very positive move for Utilicraft and its shareholders. The joining with Freight Feeder Aircraft Corporation will help to accommodate the major financing required to complete the program and gives the Company and its stockholders a much better chance of success. We are looking for a bright future for Utilicraft Aerospace as the program goes forward under Freight Feeder Aircraft Corporation,� stated John J. Dupont, President-CEO of Utilicraft Aerospace. �We are also grateful for the 'leadership-role' that the majority shareholders of UITA have taken, and look forward to a successful and long-term prosperous relationship alongside the Freight Feeder Aircraft Corporation,� Dupont added. David Bridges, Managing Director of Freight Feeder Aircraft Corporation stated, �We are very excited about the new prospects that this joining of UITA and Freight Feeder Aircraft Corporation contemplates, as well as the promise of success it brings to all of us as UITA shareholders.� �We have been and are very pleased with UITA�s Management Team continued efforts to bring value to their investors and shareholders, and with the quality program that they have developed thus,� stated Bridges. The 1080 Group owners are majority shareholders of UITA�s common stock, and have invested in excess of $5 million into UITA�s business, to date, which represents approximately 98% of the capital investment in UITA since its inception. Current management will continue to develop and manage the aircraft design and engineering, the prototype development, and eventual certification and production programs for Freight Feeder Aircraft Corporation under employment agreements with that company. On December 12, 2007, Utilicraft Aerospace Industries, Inc., filed a Form 8K with the Securities and Exchange Commission announcing that with the approval of fifteen (15) UITA shareholders owning approximately 62.53% of UITA�s common stock and its Board of Directors, entered into an Asset Purchase Agreement with Freight Feeder Aircraft Corporation (a newly formed private development company), to sell all of UITA�s technology and assets. The transaction has a potential value to UITA of approximately $400 million in future royalties and future Freight Feeder Aircraft Corporation stock value received by UITA in this transaction -- subject to the Freight Feeder aircraft program reaching the production phase. For more information on Freight Feeder Aircraft Corporation go to: www.freightfeeder.com. About Utilicraft Aerospace Industries, Inc.: Utilicraft Aerospace Industries, Inc. was formed to implement a system solution to the current problem of declining capacity in the short haul (or feeder) route segments of the air cargo and overnight express companies. The FF-1080 Freight Feeder aircraft is a new fuel-efficient cost-effective, air vehicle which is the result of Utilicraft�s extensive research and development. The FF-1080 is revolutionary because of its capability to carry standard industry air containers on short-to-medium range/medium density routes combined with the aircraft's integrated air cargo information system for the freight feed market. The FF-1080 is an all aluminum twin-engine, high-wing, un-pressurized, fixed gear, single pilot capable, turboprop aircraft, specifically designed as a utility air freight transport system. The aircraft satisfies an industry recognized need to cost effectively feed containerized air cargo to the major hubs of the scheduled passenger carriers and the overnight express airlines. The aircraft is also designed for short take-off and landing (STOL) capability. This feature makes the FF-1080 the only short-haul, heavy-lift containerized feeder aircraft capable of cost-effectively transporting ten revenue tons over two thousand nautical miles from airfields with less than 3,500 feet of runway, expanding air cargo capacity to many smaller cities and airports worldwide. The Company has also developed the Automatic Flat Rate System (AFRS) Patent, a company owned system that will allow the FF-1080 aircraft to operate with substantially more fuel efficiency than any other freight feeder aircraft in the world, saving the operator substantial fuel operating cost, and consequently reducing pollution as the aircraft operates in the freight feed system -- making it environmentally friendly. See more on the FF-1080 aircraft and the Company�s patents at www.utilicraft.com and on Utilicraft Green Technology at http://www.utilicraft.com/green_tech/index.html Forward Looking Statements This press release contains �forward-looking� statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release involve risks and uncertainties and reflect the company�s current views with respect to possible future events. Readers are cautioned that no forward-looking statement can be guaranteed and actual results or events may materially differ from those projected or anticipated. In particular, the following factors, among others, could cause actual results or events to differ materially from those described in the forward-looking statements: the company�s ability to obtain and fulfill contracts for the sale of products, protect intellectual property rights and manage future growth; market acceptance of future products; product supplier delays; design and engineering certification delays or denials; and the introduction of similar products by competitors. Any forward-looking statement made in this press release is made as of the date of this press release, and the company assumes no obligation to update any such forward-looking statement, whether as a result of new information, future events, or otherwise. Forward-looking statements in this press release should be evaluated together with the many uncertainties that affect the company�s business. For more information on Utilicraft Aerospace Industries, Inc., please visit www.utilicraft.com.