WHO:     Key industry, Executive branch, Congressional and Wall Street
           leaders

  WHAT:    AIAA - Defense Reform 2001

  WHEN:    February 14-15, 2001

  WHERE:   Ronald Reagan Building and International Trade Center
           1300 Pennsylvania Ave. NW
           Washington, D.C. 20004
           Metro Stop - Federal Triangle

  WHY:     This forum will give key industry, Executive branch,
           Congressional and Wall Street leaders an opportunity to evaluate
           the current status of defense reform and address future
           initiatives in an effort to assist the new Administration in
           setting its defense priorities and reform agenda. Attendees will
           participate in an interactive forum and will leave with a
           published copy of "A Blueprint for Action" -- an agreed upon,
           definitive plan for action, which will set the pace for defense
           reform efforts in the years ahead.

Defense Reform initiatives are at the forefront of the new Administration's agenda. As Donald Rumsfeld said at his Senate confirmation hearing to become the next Secretary of Defense:

  *  "The present weapons system acquisition process was designed in an
     environment that's very different from the one that exists today. In my
     view, it's not well-suited to meet the demands posed by an expansion of
     unconventional and asymmetrical threats in a rapid technological
     advances and a period of pervasive proliferation."

  *  "The U.S. defense establishment must be transformed to address our new
     circumstance. The need to swiftly introduce new weapons systems is
     clear. The transformation of U.S. military power to take full advantage
     of commercially created information technology may require undertaking
     near-term investment to acquire modern capabilities derived from U.S.
     scientific and industrial preeminence, rather than simply upgrading
     some existing systems."

Additionally, a recent Government Accounting Office report addressed today's flawed acquisition process. The report -- "Major Management Challenges and Program Risks: Department of Defense" (GAO-01-244) -- said the acquisition process suffers from inattention to cost-effectiveness; unrealistic cost, schedule and performance estimates; program affordability problems; and the use of "high-risk" acquisition strategies.

These topics along with other related defense reform issues will be addressed directly by several high-level panels in the two-day co-sponsored DOD/Hill/industry -- AIAA -- Defense Reform 2001 forum.

  Panel Topics for Discussion

  *  Assessing the Health and Viability of the U.S. Defense Industry: "The
     Defense Industry Perspective"

  *  A Critical Look at Acquisition Reform: "Reviewing the Record and
     Essential Next Steps"

  *  Setting the New Defense Priorities and Reinvigorating the Acquisition
     Reform Agenda: "The Hill Perspective"

  *  DoD and the Defense Industry Partnership: "DoD's Perspective"

  *  Financial Health of the Defense Industry in 2001: "Wall Street's
     Perspective"

  *  Military Requirements for Defense and the Budget Allocation for Defense
     Procurement: "Senior Military Leaders' Perspective"

  *  The Global Marketplace: "Partnerships for Globalization"

  *  Defense Reform Recommendations: "Forging a Partnership for National
     Security"

CONTACT: Kathy Watkins, Market Development, of AIAA, 703-264-3847, fax: 703-264-7551 or kathyw@aiaa.org.

PRNewswire -- Jan. 23
Web site: Web: www.aiaa.org

SOURCE: AIAA