COMPANY TO DISCUSS NEW JET, FACILITY TONIGHT

A proposed VisionAire Vantage single-engine jet aircraft will be the topic of a special meeting in Cape Girardeau tonight.

VisionAire representatives will attend the 6:30 meeting at the Holiday Inn to discuss the Vantage, its market niche and investment opportunities in the company.

The company is seeking investors for the development process of the new plane. A prototype is currently being built, using composite technology and methods by noted airplane designer Burt Rutan.

The manufacturing facility for the new plane has been narrowed to two sites, Cape Girardeau and Ames, Iowa, from an original list of 30 sites.

Economic development representatives have reviewed and studied the concept of the aircraft, said D. Mitch Robinson, executive director of the Cape Girardeau Area Industrial Recruitment Association.

The association has reviewed and studied the concept of the aircraft, he said. "We're not investment experts, but we have discussed the aircraft with numerous pilots, who feel there is a definite market niche for this aircraft."

VisionAire has already taken deposits for four of the Vantage Jets, with delivery expected in 1998.

One of the prerequisites for the future site of the manufacturing facility is that investors purchase $1.7 million in VisionAire stock. The funds would establish a long-term relationship between VisonAire and the community. The money would not be used to build the facility.

VisionAire already has some investors from the Cape Girardeau area.

The proposed manufacturing facility would provide about 150 jobs initially, and would represent a $6.5 million investment in property and facilities adjacent to Cape Girardeau Regional Airport. The facility would include a 120,000-square-foot manufacturing building.

VisionAire also includes some investors from Ames. More than $1 million has been raised there from private investors.

VisionAire officials said both communities have appeared eager to assist the company in securing the $2.75 million community portion of funds to develop the VisionAire Vantage business jet to its flying prototype stage.

VisionAire was founded in St. Louis in 1988 by James O. "Jim" Rice Jr. to develop the first all-composite monojet business aircraft at affordable prices and low operating costs.

The Vantage, which will be powered by a Pratt & Whitney JT15D-5 engine, is designed for five passengers and a pilot. Maximum cruising speed of the plane, which is expected to be priced under $2 million, will be about 410 mph.

The timetable calls for construction of the facility to get under way in late-1996 or early 1997.