Venga Aerospace Systems Inc. TSX VENTURE: VAV PINK SHEETS: VNGAF

TORONTO, ONTARIO--(Marketwire - Oct. 17, 2008) - Venga Aerospace Systems Inc. (TSX VENTURE:VAV)(PINK SHEETS:VNGAF) (the "Company" or "Venga") announced today that the private placement first announced in the Company's press release dated October 10, 2008 has been oversubscribed. Venga intends, subject to TSX Venture Exchange approval, to increase the private placement by $10,000.00 with 10,900,000 common shares expected to be issued for aggregate gross proceeds of $545,000.00.

This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks and uncertainties that may cause the Company's results to differ materially from expectations and speak only as of the date hereof.

SHARES ISSUED: 228,271,893

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.