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Proxy Aviation Systems Appoints Thomas A. Corcoran as Chairman of the Board of Directors

Corcoran brings extensive senior-level executive experience in the aerospace and electronics industries to the board

Germantown, Md. — March 6, 2006 —  Proxy Aviation Systems, Inc., a company that develops fully autonomous, optionally piloted unmanned aircraft systems (UAS), announced the appointment of Thomas A. Corcoran as chairman of the board of directors. Corcoran is president of Corcoran Enterprises, LLC, a management consulting company, and a senior advisor for The Carlyle Group, a Washington, D.C.-based private equity firm. As chairman, Corcoran will provide guidance and leadership to Proxy Aviation and the current board of directors.

Corcoran has nearly 40 years of experience in the aerospace and electronics industries. Prior to his current position, he served in a variety of executive-level positions including president and CEO of Gemini Air Cargo (a Carlyle Group Company), president and CEO of Alleghany Teledyne, and president and COO of Lockheed Martin’s Electronic Sector. Earlier, Corcoran held senior-level management positions during a 26-year tenure with General Electric. Corcoran sits on the board of directors for LaBarge, REMEC, United Industrial Corporation, L-3 Communications and a variety of private companies. He is also a graduate and trustee of Hoboken, New Jersey-based Stevens Institute of Technology where he holds an honorary Ph.D.

Corcoran said, “Proxy Aviation’s introduction of its optionally piloted, unmanned aircraft system has sparked significant interest within the defense industry. With the ability to execute high-end tactical and low-end strategic unmanned missions, while using a pilot to traverse restricted air space, Proxy Aviation’s SkyWatcher is the cost-effective alternative to the current systems in use today. I look forward to being part of the Proxy Aviation team as the company continues to move the system toward deployment.”

Proxy Aviation’s Chief Executive Officer, Don Ryan, said, “We are excited to welcome Tom as chairman of our board of directors. He brings a valuable combination of senior-level executive leadership and extensive knowledge of the aerospace industry that will contribute to the continued success of Proxy Aviation.”

Proxy Aviation is led by a team of executives with more than 100 years combined experience in aircraft and unmanned aircraft system (UAS) development and manufacturing, supported by extensive experience in systems integration and combat operation. The company’s mission is to close a gap in unmanned aviation capability by providing a system that successfully executes both low-end strategic and high-end tactical surveillance missions, requiring fewer personnel and resources than established systems.

About Proxy Aviation

Systems Proxy Aviation Systems designs and manufactures fully autonomous, optionally piloted unmanned aircraft systems (UAS) for use in intelligence, surveillance, reconnaissance and other special missions. Proxy Aviation’s system addresses the long endurance, medium altitude, multi-payload requirements set forth by the U.S. military and the Department of Homeland Security. Founded in 2003 as a Delaware corporation, Proxy Aviation is headquartered in Germantown, Maryland. For more information, visit www.proxyaviation.com.

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