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                                     MOONEY
                           The Symbol of Performance





FOR IMMEDIATE RELEASE                       CONTACT: Dave Franson
- ---------------------                                Mooney Public Relations
January 11, 2006                                     Cell 316.641.6766
                                                     dfranson1@cox.net



                       MOONEY AEROSPACE GROUP, LTD. NAMES
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                       STEVEN KAROL CHAIRMAN OF THE BOARD
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KERRVILLE, Texas --Mooney Aerospace Group, Ltd. (OTC BB: MNYG) today announced
that its Board of Directors has voted unanimously to appoint Steven E. Karol as
Chairman of its Board of Directors, replacing Walt Catlow. Mr. Catlow's
resignation from the Board of Directors was accepted by the board on Friday,
January 6th, 2006. Mr. Karol is the Managing Partner and Founder of Watermill
Ventures and Watermill Advisors. He has over 25 years of experience leading
companies in strategy development, acquisition and revitalization for both
Watermill's portfolio as well as client companies. He also serves as the
Chairman of the Board and CEO of HMK Enterprises, Inc., a privately held
investment company which owns and operates North American based industrial
companies.

Mr. Catlow said upon leaving, "I have enjoyed our professional relationship
during 2005...taking Mooney to unparalleled stature in the field of personal air
transportation. I wish all of you continued success and the best for the company
with its wonderful products and powerful brand."

"My relationship with Mooney is both professional and passionate," Mr. Karol
said. "I recognize the challenges and opportunities we face as a company. Mooney
has made significant progress in the past two years and I believe that I can
help build upon that momentum. At the same time, I can't help but look at Mooney
from a pilot's perspective and I have to say that I'm excited about the products
we're offering and the excellent reputation Mooney enjoys in the general
aviation marketplace," he added.



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                                     MOONEY
                           The Symbol of Performance





In addition to leading the Mooney Aerospace and Mooney Airplane Company boards,
Mr. Karol is also a member of the Board of Directors for StockerYale, Inc. and
the J. Walter Company. A past International President of the Young Presidents'
Organization (YPO) from 1998 to 1999, he also served on the organization's
International Board of Directors from 1992 to 2001, and as Chairman of its
Strategic Planning from 1993 to 1996. Mr. Karol has been a private pilot since
1975.

Mr. Karol received his B.S. at Tufts University, and he is a graduate of the
Presidents' Program on Leadership (PPL) at Harvard Business School. He is
married with three children.

About Mooney Aerospace Group, Ltd.

Mooney Airplane Company, located in Kerrville, Texas, is a wholly owned
subsidiary of Mooney Aerospace Group, Ltd., a general aviation holding company
that is publicly traded under symbol (OTC BB: MNYG). 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. Investors should visit
http://www.otcfn.com/mnyg.


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                                     MOONEY
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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.