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.