Terrafugia, Inc. to Display Proof of Concept for Its Transition Roadable Aircraft at EAA AirVenture in Oshkosh, WI July 28-Aug 3

WOBURN, Mass., July 15 -- Terrafugia, Inc. will debut the Proof of Concept Transition(R) Roadable Aircraft at the annual EAA AirVenture convention in Oshkosh, WI. Terrafugia's Transition(R) is a unique aircraft, commonly referred to as a "flying car." On the ground, the Transition(R) folds its wings to fit in a standard garage and drives on the road at highway speeds. In the air, the Transition(R) flies between airports like a typical general aviation aircraft. The functionality of Terrafugia's Transition(R) allows owners to better utilize all 5000+ public airports -- bringing true door-to-door convenience to the aviation world.

"Completion of the Transition(R) Proof of Concept is a significant milestone in the development of the first practical roadable aircraft," said Carl Dietrich, CEO/CTO of Terrafugia Inc. First flight of the Transition(R) Proof of Concept is on schedule for the end of 2008. Production airframe reservations are currently being held with refundable deposits.

Terrafugia's Transition(R) Roadable Light-Sport Aircraft seats two and is expected to have a 460 mile range with a fuel consumption of 30 mpg at a cruise speed of over 100 mph in the air. The Transition(R) features a convenient electro-mechanical wing actuation system, aerodynamic bumpers, a safety-cage and crumple zones, and a full-vehicle parachute. The Transition(R) has already attracted significant customer and investor interest due to its unique ability to combat the cost, weather sensitivity and logistical concerns of personal aviation.

Light-Sport Aircraft:

In 2004 the FAA created the Sport Pilot/Light-Sport Aircraft Rule. This Rule makes becoming a pilot simpler and less expensive. Terrafugia's Transition(R) brings a new level of safety, convenience and practicality to personal flying. By combining this new rule with innovative technology, Terrafugia is poised to spark the next revolution in flight. Light-Sport Aircraft must weigh less than 1320lbs at takeoff and conform to industry-standard design and performance guidelines.

EAA AirVenture:

The EAA AirVenture convention is the largest general aviation event in the world. Over 500,000 pilots, aviation enthusiasts, and industry leaders are expected to attend.

Terrafugia, Inc.:

Terrafugia, derived from the Latin for "escape from land," is based in Woburn, MA and was founded by graduates of the Department of Aeronautics and Astronautics and the Sloan School of Management at the Massachusetts Institute of Technology.