[1][2][3] The Pegasus was originally introduced in 2000 and was initially just called the Powrachute as the company's first and only model at that time.

It features a parachute-style high-wing of either 500 sq ft (46 m2) or optionally 550 sq ft (51 m2), two-seats-in-tandem accommodation, tricycle landing gear and a single 64 hp (48 kW) Rotax 582 engine in pusher configuration.

[1][4] The aircraft carriage is built from large-diameter, thin-walled, bolted tubing and includes occupant roll-over protection.

In flight steering is accomplished via foot pedals that actuate the canopy brakes, creating roll and yaw.

The aircraft is factory supplied in the form of an assembly kit that requires 30 hours to complete.