EXHIBIT 99.1


            MOONEY AEROSPACE GROUP, LTD. ISSUES SHARES TO CREDITORS

            STOCK RESTRICTED, NO SALES PERMITTED UNTIL MARCH 15, 2005
               THEN 10 PERCENT OF HOLDINGS CAN BE SOLD EACH MONTH

         Kerrville, TX February 21, 2005. Mooney Aerospace Group, Ltd. (OTC
BB:MNYG:ob) announced today that it has issued, through its stock transfer
agent, almost all of the company's stock required to satisfy the requirements of
the Plan of Reorganization which was confirmed by the U.S. Bankruptcy Court for
the District of Delaware on December 15, 2004.

         J. Nelson Happy, the company's president, commented: "We have ordered
American Stock Transfer and Trust Co. to issue nearly 10 million shares of new
common stock to our creditors as required by the Amended Plan of Reorganization.
Of this, 200,000 shares were issued to the existing shareholders of record as of
December 15, 2004. An additional 200,000 shares were issued to the preferred
stockholders of record as of December 15, 2004. 4,975,000 shares were issued to
Allen Holding & Finance Company Ltd., and about 4.6 million shares were issued
to the unsecured general creditors."

         "It is important to note that the Amended Plan of Reorganization also
provides that the secured debenture holders, the airplane note holders and the
factor note holders have the option to convert their holdings into 13.5 million
shares of new common stock" Mr. Happy observed.

         According to Happy, "All of the stock is restricted, (except the shares
issued to the existing common shareholders of record on December 15, 2005), in
that none of these shares can be sold into the market until March 15, 2005, and
then only 10% of each shareholder's shares can be sold each month. We are
pleased that the stock will be in the hands of our creditors well before the
time any of it can be traded."

         As previously announced, as part of the Plan existing shareholders are
entitled to be issued new shares of Mooney Aerospace Group, Ltd. Common stock
based on reverse split of 3,223 old MASG shares for one share of new common
stock, (MNYG.ob.) For exact details, please review the terms of the Amended Plan
of Reorganization which the Company filed with the SEC.

         According to Mr. Happy: "Our existing shareholders that have not
already done so should submit their shares to our stock transfer agent, American
Stock Transfer and Trust Co., 59 Maiden Lane, Plaza Level, New York, N.Y. 10038.
Phone 800-937-5449, by a traceable method such as certified mail or through
their stock broker."




ABOUT MOONEY AEROSPACE GROUP LIMITED

         Mooney Aerospace Group, Ltd. is a general aviation holding company
located in Kerrville, Texas. Its wholly owned subsidiary, Mooney Airplane
Company, currently sells five models of the M20, the highest performing
four-place, single-engine, piston-powered aircraft, now available with the
Garmin G1000 glass-panel display. Since its inception in 1946, the company has
manufactured and delivered more than 10,000 aircraft worldwide. Today, 7,000
customers in the United States and 1,000 more overseas fly these proven,
high-performance airplanes. For more information, visit www.mooney.com.

                                      # # #

THIS PRESS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF THE
PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 (THE "ACT"). IN PARTICULAR,
WHEN USED IN THE PRECEDING DISCUSSION, THE WORDS "PLAN," "CONFIDENT THAT,"
"BELIEVE," "SCHEDULED," "EXPECT," OR "INTEND TO," AND SIMILAR CONDITIONAL
EXPRESSIONS ARE INTENDED TO IDENTIFY FORWARD LOOKING STATEMENTS WITHIN THE
MEANING OF THE ACT AND ARE SUBJECT TO THE SAFE HARBOR CREATED BY THE ACT. SUCH
STATEMENTS ARE SUBJECT TO CERTAIN RISKS AND UNCERTAINTIES AND ACTUAL RESULTS
COULD DIFFER MATERIALLY FROM THOSE EXPRESSED IN ANY OF THE FORWARD-LOOKING
STATEMENTS. SUCH RISKS AND UNCERTAINTIES INCLUDE, BUT ARE NOT LIMITED TO, MARKET
CONDITIONS, THE AVAILABILITY OF COMPONENTS AND SUCCESSFUL PRODUCTION OF THE
COMPANY'S PRODUCTS, GENERAL ACCEPTANCE OF THE COMPANY'S PRODUCTS AND
TECHNOLOGIES, COMPETITIVE FACTORS, TIMING, AND OTHER RISKS DESCRIBED IN THE
COMPANY'S SEC REPORTS AND FILINGS.

Source: Mooney Aerospace Group, Ltd.


For additional information contact:

MOONEY AEROSPACE GROUP, LTD.
J. Nelson Happy
165 Al Mooney Rd. N
Kerrville, Texas 78028
Phone: 830 792 2917