PEGASUS HELICOPTER GROUP PLC: Pegasus Signs LOIs for its PH200PJ Helicopter

PEGASUS HELICOPTER GROUP PLC                          

                         ("Pegasus" or the "Company")                          

   Pegasus Signs Letter of Intent for Distribution of its PH200PJ Helicopter   

Pegasus is pleased to announce that is has signed initial letters of intent
("Letter of Intent") to enter into distribution agreements for the supply and
sale of a minimum of 255 of its PH200PJ Helicopters over a four year period
through partners covering Russia, the Commonwealth of Independent States
("CIS") and Brazil.

The Company has entered into a Letter of Intent with Gals Aero LLC ("Gals
Aero"), a general distributor of helicopters in Russia and the CIS whereby Gals
Aero expects to sell 155 PH200PJ Helicopters in Russia and the CIS. All sales
by Gals Aero are subject to the Company obtaining the Russian Federation
Aircraft Certificate of Type.

Pursuant to a further Letter of Intent with Helitraders Limited
("Helitraders"), Pegasus and Helitraders intend to enter into a 4 year
distribution agreement in Brazil whereby Helitraders expects to sell an initial
25 PH200PJ Helicopters in kit form in the first two years. Helitraders also
expects to sell a further 75 units in the remaining two year period of the
distribution agreement, once the PH200PJ Helicopter has been fully certified in
the Brazilian market.

Robert Zummo, CEO of Pegasus, commented:

"We are delighted by the high levels of interest already being shown in the
PH200PJ Helicopter by the rotorcraft industry in different markets across the
globe. These two initial agreements are key aspects of our strategic marketing
initiative. We believe the affordability and simplicity of the PH200PJ
Helicopter opens up significant new markets for the helicopter industry. We
look forward to expanding our worldwide market reach through further
distribution partners."

The Company did plan to showcase the PH200PJ Helicopter prototype at the EAA
AirVenture Show in Oshkosh, Wisconsin between 28 July and 3 August 2008,
however, the directors decided to upgrade the prototype's engine and accomplish
additional flight testing. This has not affected the initial order of 25
PH200PJ Helicopter as previously disclosed.

About the PH-200PJ Helicopter

The PH-200PJ Helicopter is a low-cost, easy and safe to fly, two-seat
helicopter that uses pressure jet technology. The helicopter's simplified
design significantly reduces the number of parts used compared to a
conventional helicopter. Most notably, the PH-200PJ Helicopter has no tail
rotor and therefore no tail rotor gear box, tail rotor drive or tail boom.
Likewise, it has no main rotor drive system or complex transmission for the
main rotor. It will be supplied in both kit and fully assembled forms.

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About Pegasus Helicopter Group Plc

Pegasus Helicopter Group plc is the holding company for Pegasus Helicopters
Holdings Limited and its wholly owned subsidiary, Pegasus Helicopter, Inc. The
Company plans to manufacture market and sell the PH200PJ Helicopter, a
two-seat helicopter that uses pressure jet technology. It is the Director's
intention to market the Company's product to civilian, commercial and military
markets worldwide, the Directors believing that demand for the PH200PJ
Helicopter will be driven by its safety, low unit cost, low operating costs,
simplicity and ease of flying.


Pegasus's experienced Board of Directors includes Charles Vehlow, who has over
25 years of experience with large helicopter engineering companies having held
executive positions at both McDonnell Douglas Corporation and the Boeing
Helicopter Division. He is also a West Point graduate and currently sits on
the Army Science Board at the Pentagon. Pegasus's CEO is Robert Zummo who has
over 40 years of experience in the aerospace, defence and automotive
industries. Its Advisory Board includes former executives of The Boeing
Company, the McDonnell Douglas Corporation and MD Helicopters Inc.

Contact Details:

Pegasus Helicopter Group Plc: Robert Zummo Tel: [phone]

Atlantic Law LLP: Lindsay Sloan Tel: [phone]

GTH Media Relations: Toby Hall Tel: [phone]

Brooke Paul Tel: [phone]



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