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Thu, May 22, 2003

Apex Aircraft: Resolution on Course

Apex Aircraft, manufacturer of Cap and Robin aircraft, has presented its reorganization plan to the Court in Dijon, France, on May 20.

The Court has received it favorably and has granted the requested extension of the probation period in order to present the vendors with the proposed payment plan. Vendors can expect full payment over an extended period. Court supervision is expected to end by the beginning of July.

The probation period has allowed completion of production improvements, downsizing to adjust for present market conditions and implementation of lean management techniques. Core expertise has been carefully maintained throughout the organization.

The plan includes investment in product development such as FAA validation of the french approvals of the Cap 10 C major modification and the type certificate of the Robin DR500, and German LBA approval of the Thielert diesel installation in the Robin range. The Cap 222 program continues as dedicated financing allows.

Apex will be at Oshkosh in July (booth # 220, 221, and 222).

FMI: www.apex-aircraft.com

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