Toni Perazzo
Chief Financial Officer
(650) 340-1888                                       FOR IMMEDIATE RELEASE

AEROCENTURY CORP. ANNOUNCES NEW HIRE AT MANAGEMENT COMPANY

(BURLINGAME, CA), January 19, 2004 -- AeroCentury Corp., (ASE:ACY), an independent aircraft leasing company, announced today that JetFleet Canada Ltd, a subsidiary of its management company, JetFleet Management Corp., has hired Kirk Watson as Vice President, Aircraft Technical Services.

Mr. Watson joins AeroCentury from Avionco Inc., where he served as Technical Director since 2001. Prior to joining Avionco, Mr. Watson held various positions of increasing responsibility at Avmax Group, Field Aviation West Ltd., and several regional airline and airline service firms. Mr. Watson holds a Certification in Management from Canadian Institute of Management along with various airline maintenance licenses.

“We are very pleased that Kirk has agreed to join our management team,” said Marc J. Anderson, Chief Operating Officer of AeroCentury. “We expect that his diversified and worldwide experience in the aircraft industry with maintenance providers and airlines will provide AeroCentury with the expertise necessary to continue our growth and industry presence.”

AeroCentury is an aircraft operating lessor and finance company specializing in leasing regional aircraft and engines utilizing triple net leases. The Company’s aircraft and engines are on lease to regional airlines and commercial users worldwide.

This release includes forward-looking statements regarding the Company such as the Company continuing its growth and industry presence. This statement is subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statement. These risks include, but are not limited to, availability of continued acquisition financing, continued covenant compliance under the credit facility, the lack of any lease defaults by significant customers of the Company, the effect of worsening economic conditions or other events or circumstances, including terrorist attacks or other geopolitical events, and the condition of the aircraft and/or airline industry. The forward-looking statements and reasons why results may differ reflect the management's point of view only as of the date hereof. The Company undertakes no obligation to publicly revise these statements to reflect subsequent events or circumstances. Readers should also carefully review the risk factors described in documents the Company files from time to time with the Securities and Exchange Commission including the Company's Form 10-QSB for the quarter ended September 30, 2003.