Update: April 4, 2019 at 3:15 p.m. ET

Boeing CEO Dennis Muilenburg released a statement regarding the release of the preliminary report of the Ethiopian Airlines Flight 302 and the continued work on implementing a software update for the 737 MAX fleet.

The following is Muilenburg's statement, in part:

We at Boeing are sorry for the lives lost in the recent 737 MAX accidents. These tragedies continue to weigh heavily on our hearts and minds, and we extend our sympathies to the loved ones of the passengers and crew on board Lion Air Flight 610 and Ethiopian Airlines Flight 302. All of us feel the immense gravity of these events across our company and recognize the devastation of the families and friends of the loved ones who perished.

The full details of what happened in the two accidents will be issued by the government authorities in the final reports, but, with the release of the preliminary report of the Ethiopian Airlines Flight 302 accident investigation, it's apparent that in both flights the Maneuvering Characteristics Augmentation System, known as MCAS, activated in response to erroneous angle of attack information.

The history of our industry shows most accidents are caused by a chain of events. This again is the case here, and we know we can break one of those chain links in these two accidents. As pilots have told us, erroneous activation of the MCAS function can add to what is already a high workload environment. It's our responsibility to eliminate this risk. We own it and we know how to do it.

From the days immediately following the Lion Air accident, we've had teams of our top engineers and technical experts working tirelessly in collaboration with the Federal Aviation Administration and our customers to finalize and implement a software update that will ensure accidents like that of Lion Air Flight 610 and Ethiopian Airlines Flight 302 never happen again.

We're taking a comprehensive, disciplined approach, and taking the time, to get the software update right. We're nearing completion and anticipate its certification and implementation on the 737 MAX fleet worldwide in the weeks ahead. We regret the impact the grounding has had on our airline customers and their passengers.

This update, along with the associated training and additional educational materials that pilots want in the wake of these accidents, will eliminate the possibility of unintended MCAS activation and prevent an MCAS-related accident from ever happening again.

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As the world watches, Boeing is busily working to complete a software upgrade for its 737 MAX 8 aircraft designed to address issues linked to two fatal crashes involving the plane over the past five months.

A new report from Bloomberg says the company needs more time to finalize the changes.

The planemaker had originally said it would submit final paperwork for the software revamp to the Federal Aviation Administration by March 29.

However, that deadline has since passed, and Boeing's most recent statement is that the updates will be ready in the "coming weeks."

Company engineers are working on updating a stall-prevention system. The goal of the changes is to make the system, called MCAS, less aggressive in pushing down the Boeing 737 MAX 8's nose while also including some redundancy to make it less likely to activate when there are malfunctions in the plane's other systems.

The delay in finalizing the updates is tied to an issue that apparently arose as Boeing was conducting a final audit, according to Bloomberg. The company is working to ensure that MCAS will operate as desired without interfering with the MAX's existing flight controls.

"We are working to demonstrate that we have identified and appropriately addressed all certification requirements and will be submitting for FAA review once completed in the coming weeks," Boeing said in an email Monday, according to Bloomberg. "Safety is our first priority, and we will take a thorough and methodical approach to the development and testing of the update to ensure we take the time to get it right."

The FAA has said the changes to the MAX will undergo rigorous review.

"The FAA expects to receive Boeing's final package of its software enhancement over the coming weeks for FAA approval," the government agency stated. "Time is needed for additional work by Boeing as the result of an ongoing review of the 737 Max Flight Control System to ensure that Boeing has identified and appropriately addressed all pertinent issues."

The FAA also said it will "not approve the software for installation until the FAA is satisfied with the submission."

Regulators in Canada, Europe, China and beyond must also review the new software for the Boeing 737 MAX.

All Boeing 737 MAX aircraft were grounded in March, on the heels of a second fatal crash involving the new plane model from Boeing.

The first crash occurred on Oct. 29 off the coast of Indonesia. The second on March 10 in Ethiopia. A combined 346 people were killed in the two incidents.

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