CitiCapital To Provide Finance Solutions For PosiCharge® Customers

June 02, 2004

MONROVIA, Calif., June 2, 2004- CitiCapital, one of the top commercial finance companies in the United States, and PosiCharge® have entered into a multi-year program agreement to provide material handling finance solutions for new and existing PosiCharge customers.

PosiCharge® provides safe, fast, in-truck battery charging for industrial electric vehicles, thereby eliminating the need for battery changing. PosiCharge increases productivity, improves safety, lowers operating costs, and streamlines operations of some of North America's largest, most profitable companies.

CitiCapital is the largest independent source of material handling financing in the United States and works with six of the top 10 U.S. forklift operators," said Pat Dellario, general manager, PosiCharge. "With these credentials, we're confident that we can significantly reduce end-user acquisition costs by quickly providing our customers with a wide variety of tailored financing options at competitive rates."

Stuart A. Fels, vice president of CitiCapital Material Handling Finance, said, "PosiCharge leads the burgeoning fast charge market and CitiCapital has the depth of experience and the resources to offer a full range of retail and wholesale financing programs. We're pleased to join forces with PosiCharge to provide customized financing solutions for its customers."

About CitiCapital 

With a current global portfolio of more than $20 billion, CitiCapital, a business unit of Citigroup, is one the largest commercial finance companies in the United States. CitiCapital provides a full range of financing solutions and services to over 575,000 customers throughout the world and is a market leader in transportation, material handling, construction, business technology and medical equipment finance. Additional information can be found at http://www.citicapital.com.

Citigroup (NYSE: C), the preeminent global financial services company with some 200 million customer accounts in more than 100 countries, provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers. Additional information may be found at: http://www.citigroup.com.

About PosiCharge 

PosiCharge fast charge systems allow users to eliminate the battery room and all the challenges that go with it - including run time issues, reduced battery capacity, infrastructure cost, lost productivity, worker injury, and excess battery inventories. PosiCharge fast charges each battery in the vehicle during short breaks, lunches, and shift changes, so the battery never leaves the vehicle. The result is instant productivity improvements, and no workflow interruptions for battery changing. With a proprietary system that safeguards batteries by measuring temperature and customizing each charge, PosiCharge can actually extend the useful life of a battery. For years, PosiCharge has been keeping fleets running in some of the hardest-working Fortune and Global 500 plants and distribution centers in the country. PosiCharge is a division of AeroVironment, Inc. More information can be found at www.posicharge.com.


About AeroVironment, Inc. (AV)

AeroVironment (NASDAQ: AVAV) provides customers with more actionable intelligence so they can proceed with certainty.Based in California, AeroVironment is a global leader in unmanned aircraft systems, tactical missile systems and electric vehicle charging and test systems, and serves militaries, government agencies, businesses and consumers. For more information visit www.avinc.com.


Safe Harbor Statement

Certain statements in this press release may constitute "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of current expectations, forecasts and assumptions that involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of our control, that may cause our business, strategy or actual results to differ materially from those expressed or implied. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, our ability to perform under existing contracts and obtain additional contracts; changes in the regulatory environment; the activities of competitors; failure of the markets in which we operate to grow; failure to expand into new markets; failure to develop new products or integrate new technology with current products; and general economic and business conditions in the United States and elsewhere in the world. For a further list and description of such risks and uncertainties, see the reports we file with the Securities and Exchange Commission. We do not intend, and undertake no obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.


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Contact:
AeroVironment, Inc.
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Mark Boyer
For AeroVironment, Inc.
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