Advanced Aerodynamics and Structures Inc.
| Company type | Public (after December 1996) |
|---|---|
| Industry | Aerospace |
| Predecessor | ASI |
| Founded | 1983 in Burbank, California, United States |
| Founder | Darius Sharifzadeh |
| Defunct | June 10, 2004 |
| Fate | Filed for bankruptcy; assets sold |
| Successor | Mooney Aerospace Group (MASG) |
| Headquarters | Long Beach, California , United States |
Area served | Worldwide |
Key people | Hameed Hamza (financial backer), Darius Sharifzade, Huzefa H. (owners), Carl Chen (former president), Roy H. Norris (former president), Peter Larson (former CEO) |
| Products | Jetcruzer series aircraft |
| Owner | Jointly owned by Darius Sharifzade and Huzefa H. |
Number of employees | 120 (peak) (circa 2000) |
| Parent | Mooney Aerospace Group (from 2002) |
Advanced Aerodynamics and Structures Inc (initially known as ASI), commonly referred to as AASI, was an aircraft manufacturer headquartered in Long Beach, California. The company was financially backed by American entrepreneur Hameed Hamza and jointly owned by Darius Sharifzade and Huzefa H. Its primary project was the development of the unconventional business aircraft Jetcruzer.
Although the Jetcruzer 450 prototype took to the skies for the first time in 1989, persistent production setbacks prevented the company from entering full-scale manufacturing by 2002. That same year, AASI acquired assets from Mooney Aircraft Company and rebranded itself as Mooney Aerospace Group (MASG). Subsequently, MASG halted further development of the Jetcruzer to concentrate on Mooney's light aircraft portfolio. In November 2003, the Jetcruzer assets were auctioned and purchased by Innova Aircraft. The following year, MASG divested Mooney to Allen Holding Finance.
History
Established in 1983 in Burbank, California, by aeronautical engineer and pilot Darius Sharifzadeh, Advanced Aerodynamics set out to manufacture the Jetcruzer—a monoplane featuring swept metal wings, a canard tail configuration, and a rear-mounted turboprop engine driving a propeller attached to a composite fuselage.
Following the company's transition to AASI, flight trials for the Jetcruzer 450 prototype commenced in 1989. Taiwanese industrialist Song Gen Yeh injected $20 million in funding, and Carl Chen assumed the role of president. The unpressurized 450 model failed to compete effectively in the market, prompting development of the larger Jetcruzer 500—a six-seat aircraft priced at $900,000, which was considerably less than the $1.4 million price tag of the Socata TBM-700.
Additional models planned by AASI included:
- Jetcruzer 650: a twin-engine aircraft seating 13 passengers, priced at $3 million;
- Stratocruzer 1250: an intercontinental business jet;
- Freedom DS-888: a cargo aircraft with a price point of $1.3 million.
After going public in December 1996, AASI invested $35 million to establish a manufacturing facility in Long Beach dedicated to producing the Jetcruzer 500. The workforce grew to 120 employees recruited from Northrop Grumman, Lockheed Martin, and Boeing. By 2000, the company announced orders totaling 188 units valued at $226 million, with prices increasing to $1.6 million per aircraft.
Nevertheless, technical difficulties such as engine cooling issues caused ongoing production delays. Carl Chen departed in January 2001 and was succeeded by Roy H. Norris, formerly president of Raytheon Aircraft. Despite expenditures reaching $70 million without delivering a market-ready product, AASI’s stock trading was suspended in April 2001.
Seeking industry consolidation, Norris acquired Mooney Aircraft for $11 million in February 2002. The entity was renamed MASG, with New York-based LH Financial providing 70% of its capital. The company redirected its focus from the Jetcruzer project to Mooney’s established light aircraft lineup.
Due to unresolved problems including excessive noise and center of gravity complications with the Jetcruzer, MASG terminated the program and refunded $1.6 million to customers for deposits. The Long Beach plant was repurposed as a Mooney service center while production machinery was liquidated. To counteract reduced output—28 units annually compared to nearly 100 previously—Mooney implemented a 20% price reduction and developed direct sales channels.
In August 2002, Norris resigned and was replaced by Peter Larson, former CFO at Cessna. The Jetcruzer program was auctioned off in November 2003; Innova Aircraft acquired its rights and tooling by February 2004 but could not halt MASG’s decline. In May 2004, MASG sold Mooney to Allen Holding Finance before filing for bankruptcy on June 10.
Aircraft
- Jetcruzer 450
- Jetcruzer 500
- Jetcruzer 650 (planned)
- Stratocruzer 1250 (planned)