See the video Courtesy of Rocket Racing, Inc., Mike Massee / XCOR

The rocket-powered aircraft will make their exhibition race debut at Oshkosh on Friday and Saturday, August 1-2. These exhibition races will include two Rocket Racers flying their "raceway in the sky" via in-panel and 3D helmet displays.

Initial test flights for the Rocket Racers will take place in May at Mojave, Calif. Pending FAA approval following those flights, the AirVenture exhibition races would be the first of four RRL exhibitions scheduled in late summer and fall throughout the United States.

"The first exhibition race of the Rocket Racer is an important milestone in the progression of the Rocket Racing League," said Granger Whitelaw, RRL's chief executive officer. "We look forward to sharing the experience and thrill of rocket racing with the public."

Adam Smith, EAA's vice president of membership, participated in Monday's news conference via telephone link from EAA headquarters in Oshkosh. He mentioned that EAA AirVenture is widely regarded as the showplace for aviation innovation, where the Rocket Racing League would be a good fit.

"EAA has followed the development of the Rocket Racing League with great interest," Smith said. "This concept, which is based on familiar homebuilt aircraft designs, also connects very well with EAA's legacy of welcoming new ideas and celebrating the spirit of aviation in all of its forms."

In a related development at Monday's news conference, Rocket Racing League Corporation, a subsidiary of the RRL, announced it is acquiring Velocity Aircraft of Sebastian, Fla. Velocity is a leading manufacturer of four-seat canard experimental category aircraft. Velocity will produce an airframe that will be consistent for all competing Rocket Racers.

More information on this story is available at www.rocketracingleague.com.