On February 12, 2002, at 1330 eastern standard time, a Cessna 150, N10949,was registered to and operated by Aerial Adds, Inc., collided with pine trees while attempting a forced landing following a loss of engine power at Panama City Beach, Florida. The simulated banner tow flight operated under the provisions of 14 CFR Part 91 banner towing flight. Visual Meteorological conditions prevailed at the time and no flight plan was filed. The airplane was destroyed and the private-rated pilot sustained minor injuries. The flight departed from a private strip in Panama City Beach, Florida, at 1315. According to the pilot, while on his third simulated banner pick up, at the top of his climb, the engine lost power. He heard the stall warning horn, and pitched the airplane down to break the stall. The left wing dropped and the airplane nosed down, he leveled out the airplane and attempted to regain engine power, but the engine never regained full power. The airplane collided with trees as he maneuvered for an emergency landing. The pilot also stated that he never used the auxiliary fuel pump that was installed in the airplane because he was told that he did not need to. According to the certified flight instructor (CFI), who was on the ground talking to his student via an aviation handheld radio, during a simulated banner-tow pick up training session. On the third simulated pick up, the CFI stated, his student "pitched the nose of the airplane up to a very steep angle". The CFI transmitted to the student that the angle of the climb was excessive, and that he did not have to climb that steep. At that time, the CFI stated that he started to hear the engine sputter, this started happening just as the nose of the airplane was pitched back to level. The CFI stated that he started to see puffs of soot coming out of the exhaust sacks. The airplane then began to descend rapidly getting progressively steeper. As the airplane crossed over the north end of the field it sounded as if the engine began to run again. By this time the airplane was low to the ground and disappeared beyond the tree line in a left wing-low, nose down attitude. Examination of the airplane revealed all flight controls were intact and no mechanical malfunctions were found with the engine and airframe during the post-accident examination. The pilot did not report experiencing a mechanical problem with the airplane. Weather conditions at the time of the accident were favorable for carburetor icing. Review of the weather data showed the ambient temperature to be 57 degrees Fahrenheit and a dew point of 36 degrees Fahrenheit. The pilot did not report applying carburetor heat during any phase of the flight. According to the Cessna 150 Owner's Manual, carburetor heat should be applied during the before landing check and during rough engine operation or loss of power.