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Saturday, February 05, 2005

LAWRENCEVILLE, Ga. (Business Wire) -- As a clarification of the Babcock and Brown announcement made last week by Utilicraft Aerospace Industries, Inc., Babcock & Brown has confirmed with Utilicraft that it had not signed an engagement letter with Global Air Group or Afra Airlines at that time, and has not to date.

After further discussions with Babcock and Brown on Friday of last week, Utilicraft understands from Babcock and Brown that Global/Afra will not be utilizing their firm.

As a result of discussions last week with Global Air Group/Afra Airlines, Utilicraft anticipates that Global/Afra will be making final decisions and announcements regarding their finance program in the very near future. Global/Afra stated that they are enthusiastic and excited about moving forward on the program to develop the African feeder cargo market.

About Utilicraft Aerospace Industries, Inc.

Utilicraft Aerospace Industries, Inc. was formed to target the significant problem of addressing the overnight express, supply chain, e-commerce, and global third party logistics entities inability to provide effective "containerized" fulfillment and distribution in the short haul (or feeder) route segments of air cargo. The result of the Company's research and development is a new air vehicle, the FF-1080 Freight Feeder aircraft, capable of carrying standard industry air containers on short-to-medium range/medium density routes, and an integrated air cargo information system for the freight feeder market.

For more information visit the Company's website at www.utilicraft.com .

About Afra Airlines

Afra Airlines operates from premises at the Airport Residential Estate area of Accra where it currently employs 32 sales and administrative staff in its modern fully equipped offices. Flight operations are being handled with the assistance and technical support of Global Air Group which was recently reported as having purchased 100 of the new Utilicraft feeder freighters valued at $1.2Billion USD for deliveries commencing in 2007. Global Air Group, which is owned by Mr. Butler and his Ghanaian wife Simone Butler, owns and operates Boeing 747 passenger and freighter aircraft. Mr. & Mrs. Butler have moved to Accra to operationalize Afra Airlines, Afra Resorts & Holdings and Afra Air Cargo.

Safe Harbor Statement

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.

Utilicraft Aerospace Industries, Inc.
John J. Dupont, 678-376-0898
Fax: 679-376-9093
or
Afra Airlines Ltd.
Luke Butler, +233 244 932 488
or
+233 21 763396,
or
+61 4 2383 0909
lukebutler@afraairlines.com

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