Earlier this week, Mooney Aerospace Group, Ltd. announced its Board of Directors voted unanimously to appoint Steven E. Karol as Chairman of its Board of Directors, replacing Walt Catlow.

"My relationship with Mooney is both professional and passionate," Mr. Karol said. "I recognize the challenges and opportunities we face as a company. Mooney has made significant progress in the past two years and I believe that I can help build upon that momentum."

"At the same time, I can't help but look at Mooney from a pilot's perspective and I have to say that I'm excited about the products we're offering and the excellent reputation Mooney enjoys in the general aviation marketplace," he added. Karol has been a private pilot since 1975.

Mr. Karol is the Managing Partner and Founder of Watermill Ventures and Watermill Advisors. He has over 25 years of experience leading companies in strategy development, acquisition and revitalization for both Watermill's portfolio as well as client companies. He also serves as the Chairman of the Board and CEO of HMK Enterprises, Inc., a privately held investment company which owns and operates North American based industrial companies.

In addition to now leading the Mooney Aerospace and Mooney Airplane Company boards, Mr. Karol will also remain a member of the Board of Directors for StockerYale, Inc. and the J. Walter Company.

Mr. Catlow said upon leaving, "I have enjoyed our professional relationship during 2005 ... taking Mooney to unparalleled stature in the field of personal air transportation. I wish all of you continued success and the best for the company with its wonderful products and powerful brand."

FMI: www.mooney.com