Global Air and Afra Airlines: Signing of Babcock & Brown Engagement Letter For FF-1080-300 Fleet Purchase

ACCRA, Ghana--()--Jan. 28, 2005--Today officials of Global Air Group and Afra Airlines announced the merger of the two airlines and the signing of an engagement letter with Babcock & Brown to facilitate the purchase of 100 Utilicraft Aerospace Industries, Inc., FF-1080-300 freight aircraft valued at US$1.2 billion and ordered by Global Air Group late last year. Afra Airlines was recently awarded its Air Carrier's License for cargo and passenger operations by the Ghana Civil Aviation Authority.

Global Air and Afra Airlines joined forces to accommodate the formal engagement of the global investment and advisory firm of Babcock & Brown which will assist in structuring and arranging the financing of 100 FF-1080-300 aircraft that will be operated for strategic feed to the Afra Air Cargo operations in Africa and Europe.

Luke Butler, CEO of Global Air and Afra Airlines, has been in discussions with Babcock & Brown on the $1.2 Billion program since mid 2004.

Michael Dickey, of Babcock & Brown's global aircraft-advisory group, said: "We are excited about the opportunity to work with Afra Airlines. The project will result in a significant expansion of the Afra Air Cargo business using brand new, state-of-the-art cargo aircraft."

About Afra Airlines

Afra Airlines operates from premises at the Airport Area of Accra where it currently employs 32 sales and administrative staff in its modern fully equipped offices. Afra Airlines flight operations are being handled with the assistance and technical support of Global Air Group which was recently reported as having purchased 100 of the new Utilicraft feeder freighters valued at $1.2Billion USD for deliveries commencing in 2007. Global Air Group, which is owned by Mr. Butler and his Ghanaian wife Simone Butler, owns and operates Boeing 747 passenger and freighter aircraft. Mr. & Mrs. Butler have moved to Accra to establish Afra Airlines, Afra Resorts & Holdings and Afra Air Cargo. Global Air Group and Afra have recently merged.

About Utilicraft Aerospace Industries, Inc.

Utilicraft Aerospace Industries, Inc., was formed to target the significant problem of addressing the overnight express, supply chain, e-commerce, and global third party logistics entities inability to provide effective "containerized" fulfillment and distribution in the short haul (or feeder) route segments of air cargo. The Company's new air vehicle, the FF-1080 Freight Feeder aircraft, is capable of carrying standard industry air cargo containers on short-to-medium range/medium density routes, and employs an integrated air cargo information system for the freight feeder market.

About Babcock & Brown

Babcock & Brown is a global investment and advisory firm with longstanding capabilities in structured finance and the creation, syndication and management of asset and cash flow-based investments. Babcock & Brown was founded in 1977 and is listed on the Australian Stock Exchange.

Babcock & Brown operates from 18 offices across Australia, the United States, Europe, Asia and Africa and has more than 440 employees worldwide. Babcock & Brown has five operating divisions including real estate, infrastructure and project finance, operating leasing, structured finance and corporate principal investment and funds management.

Contacts

Utilicraft Aerospace Industries, Inc.
John J. Dupont, 678-376-0898
Fax: 678-377-5682
www.utilicraft.com
or
Afra Airlines & Global Air Group
Luke Butler, +233 244 932 488 (+61 4 2383 0909)
lukebutler@afraairlines.com
or
Babcock & Brown
Michael Dickey, 203-862-4800
mike.dickey@babcockbrown.com
www.babcockbrown.com

Contacts

Utilicraft Aerospace Industries, Inc.
John J. Dupont, 678-376-0898
Fax: 678-377-5682
www.utilicraft.com
or
Afra Airlines & Global Air Group
Luke Butler, +233 244 932 488 (+61 4 2383 0909)
lukebutler@afraairlines.com
or
Babcock & Brown
Michael Dickey, 203-862-4800
mike.dickey@babcockbrown.com
www.babcockbrown.com