UITA Utilicraft Aerospace Industries Inc (CE)

Utilicraft Aerospace Industries, Inc. (OTCBB:UITA) announced today that the Company is nearing its decision on which new product line it is going to accept, and expects to make the final decision before the end of the 2nd quarter of this year. Since the beginning of the year, the Company has been courted by several aerospace companies for the acquisition and development of proprietary products in the freight and utility aircraft markets. Management�s technology selection strategy is largely focused on the manufacture and sale of FAA certified programs that will create near-term revenues for the Company, that also relate to and enhance its 25% ownership in the Freight Feeder Aircraft Corporation�s FF5000 aircraft program. �We are focusing all of our efforts in developing a near-term revenue stream for the Company, which will help to increase market value and develop Utilicraft Aerospace into a long-term profitable aerospace company for its shareholders,� stated John J. Dupont, President and CEO - Utilicraft Aerospace Industries, Inc. About Utilicraft Aerospace Industries, Inc (OTCBB:UITA) Since the strategic sale of its Freight Feeder aircraft technology in December of 2007 to Freight Feeder Aircraft Corporation, the Company is now focusing its 2008 business-plan development efforts to actively seeking new strategic aerospace products for development, particularly related to the enhancement of the Freight Feeder aircraft in the air-cargo markets worldwide -- to continue to build the asset base, to develop cash-flow, and to continue to build shareholder value. On December 12, 2007, Utilicraft Aerospace Industries, Inc., filed a Form 8K with the Securities and Exchange Commission announcing that with the approval of fifteen (15) UITA shareholders owning approximately 62.53% of UITA�s common stock and its Board of Directors, entered into an Asset Purchase Agreement with Freight Feeder Aircraft Corporation. The transaction has a potential value to UITA of approximately $400 million in future royalties and future Freight Feeder Aircraft Corporation stock value received by UITA in this transaction -- subject to the Freight Feeder aircraft program reaching the production phase. (See details of the transaction in the UITA 8K filed on December 12, 2007) For more on Utilicraft Aerospace Industries, Inc, go to www.utilicraft.com. Forward Looking Statements This press release contains �forward-looking� statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release involve risks and uncertainties and reflect the company�s current views with respect to possible future events. Readers are cautioned that no forward-looking statement can be guaranteed and actual results or events may materially differ from those projected or anticipated. In particular, the following factors, among others, could cause actual results or events to differ materially from those described in the forward-looking statements.