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The BOULDER GROUP signs purchase LOI for 10 FF5000 Freight Feeder Aircraft

Freight Feeder Aircraft Corporation announced today it has entered into a Letter of Intent with Boulder Group PTE Ltd for the purchase of 5 (five) FF5000 Freight Feeder Aircraft, with an option to purchase an additional 5 (Five). The Boulder Group, headquartered in Singapore is the first Indonesian based customer to confirm its interest in acquiring FF5000 aircraft.

Jack Selby, Managing Director of the Boulder Group, said: "the FF5000 freight aircraft will prove indispensable serving the air freight needs of Indonesia, a country the size of the United States from west to east and consisting of more than 17,000 islands. Surface transportation is limited and most Indonesian airport runways cannot support large cargo aircraft, so the ability of the FF5000 to operate with full payloads from short runways will be instrumental in building air freight networks throughout the country."

Officials of both Freight Feeder Aircraft Corporation and the Boulder Group plan to meet within the year to complete the final negotiations. The purchase order will become finalized upon 'first flight' of the FF5000 Prototype currently under construction. The planned completion of the FF5000 Prototype Aircraft is in the spring of 2009.

About Boulder Group PTE LTD: The Boulder Group Pte Ltd is an aviation consulting company based in Singapore. Boulder is a team consisting of eight aviation professionals with a combined experience of over 250 years. Members of the Boulder Team have held key positions at major airlines, major airframe and engine manufacturing companies, maintenance repair organizations, legal and financial institutions. Some of those key positions included corporate senior executive management, finance, legal, technical, flight operations, sales, marketing, passenger and ground handling. The Boulder Team's collective experience is over 250 years and is available to airlines, banks, investors, leasing firms, MROs and other aviation associated entities.

About Freight Feeder Aircraft Corporation

Freight Feeder Aircraft Corporation is a U.S. private corporation registered in the State of Wyoming. In December 2007, Freight Feeder Aircraft Corporation acquired the Freight Feeder aircraft technology and development program form Utilicraft Aerospace Industries, Inc., (OTCBB:UITA) which included the aircraft design, related intellectual property, patents, and developed hardware and software including a mockup aircraft, and fuselage tooling -- with the intention of completing the development of the aircraft project, and to bring the Freight Feeder aircraft into commercial production for global sales into the freight aircraft market. Inclusive in the acquisition are the Aircraft Design Patent, the ETA Freight Tracking Method Patent, and the AFRS Automatic Flat-Rate Power Management Patent.

The Freight Feeder aircraft - now designated the FF5000 by the Company -- is specifically designed to address a niche segment of the global air freight market, specifically the need for a new and updated state-of-the-art effective containerized freight feed air transportation system requiring the development and implementation of a new regional-sized-container-capable turboprop-aircraft, specifically designed to economically transport containerized/palletized air shipments to and from regional manufacturing and freight distribution facilities (located in smaller communities) to and from the major international hub airports -- world-wide

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 to sell all of UITA's technology and assets to Freight Feeder Aircraft Corporation for a 25% equity position in Freight Feeder Aircraft and warrants for shares of Freight Feeder Aircraft Corporation's common stock, and a 1% Royalty of aircraft sales that are eventually produced and delivered by 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)

Press release issued by on June 13, 2008


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