Dubai, 7^th October 2008 - Emirates Investment & Development Company PSC (Emivest)Emirates Investment & Development Company PSC (Emivest), the majority shareholder of Sino Swearingen Aircraft Corporation (SSAC), has unveiled a new company name - Emivest Aerospace Corporation - signalling its latest expansion into the aircraft manufacturing sector.

Members of the new Emivest Aerospace Corporation management team announced the company's strategic direction and new name during a press conference at the National Business Aviation Association 2008 Annual Meeting and Convention in Orlando, Florida, USA. Emivest Aerospace Corporation, formerly SSAC, is a leading manufacturer of light jet aircraft, a rapidly-growing industry sector.

"EmivestEmivest's board of directors have played a critical role in the company development, with their vast experience and skills in transforming our acquisitions into larger, more efficient and ultimately more profitable companies, which in turn makes them more valuable, this is EmivestEmivest's aim for SSCA," said Buti Saeed Al Ghandi, Chairman of both Emirates Investment & Development Company PSC and Emivest Aerospace Corporation.

"Emivest Aerospace Corporation is embarking on a new direction, fueled by the ongoing commercial acceptance of the SJ30, the light jet with the best range and speed in the industry," added Al Ghandi. "While we have a new name, Emivest Aerospace Corporation will continue to build on our reputation for innovation and high quality in the design, development and manufacture of the world's finest light jet aircraft. With the Middle East seen as an important market for the SJ30, the Emivest Aerospace will be able to meet the growing demand for business jets," he added.

Since 1963, SSAC became the first company in the United States to design and develop, and later build, certify and deliver to the market a totally new concept business jet in the form of the SJ30.

Anthony Power, CEO, Emivest Aerospace Corporation, said, "The projected growth of the business aviation sector is quite strong throughout the world particularly in the Middle East. The huge growth in the regional aerospace market has cemented Dubai and the UAE's reputation as the region's primary aviation hub, Emivest Aerospace Corporation is positioned perfectly to capitalise on heightened demand in the light jet sector, and our new name symbolises our renewed commitment to innovation-driven growth."

"The Middle East has recorded massive growth across the aerospace's diverse sectors, and is always at the forefront of innovation and expansion. We look forward to embracing these opportunities that lie ahead by bringing the SJ30 to market in large scale production," said Joseph Gullion, COO, Emivest Aerospace Corporation.

EmivestEmivest acquired an 80 percent stake in SSAC in June 2008. The re-branding of SSAC to Emivest Aerospace Corporation is effective immediately, and will be reflected in all uses of the corporate brand name.

-Ends-

About the SJ30
The world's fastest, longest range and highest flying light jet, the SJ30 is the first light jet to retain sea level cabin pressure at 41,000 feet and reach a top flying height of 49,000 feet. The SJ30 business is a high performance, single pilot-certified twinjet aircraft with a range of over 2,500 nautical miles and the highest cruise speed in the light jet industry of Mach .83 (486 ktas). Additional information, updates, photos and specifications are available at www.emivestaerospace.com

About EmivestEmivest Aerospace
Emivest Aerospace, formerly Sino Swearingen Aircraft Company (SSAC), is a U.S.-based aircraft manufacturing company. Headquartered at the San Antonio International Airport (KSAT), the company currently employs approximately 300 staff at its facilities in San Antonio, Texas and Martinsburg, West Virginia. It is a subsidiary of Emirates Investment & Development PSC (EmivestEmivest). For more information about Emivest Aerospace, visit www.emivestaerospace.com

About Emirates Investment & Development PSC
Established in 1997 to capitalise on the phenomenal growth of Dubai, Emirates Investment & Development Company PSC (Emivest)Emirates Investment & Development Company PSC (Emivest) is a diversified multi-disciplinary, private shareholding equity investment company that actively targets new investment sectors to apply its unique business model.

Working on the basic tenet of 'Promoting Growth and Partnership Success', EmivestEmivest has built an enviable track record over the last decade which has seen it mature into one of the foremost investment companies of its kind.

EmivestEmivest invests in the manufacturing, financial, service, aviation, telecom, construction, real estate, food and beverage.

About National Business Aviation Association, Inc.
Founded in 1947 and based in Washington, DC, the National Business Aviation Association, Inc. (NBAA) is the leading organization for companies that rely on general aviation aircraft to help make their businesses more efficient, productive and successful. The Association represents more than 8,000 Member Companies and provides more than 100 products and services to the business aviation community, including the NBAA Annual Meeting & Convention, the world's largest civil aviation trade show.

© Press Release 2008 from Action Group

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