1977 is the same time Williams opened their Ogden, UT manufacturing plant. It was also the year they started production of the F107 engine, which was a 700 lb thrust engine. The logo on the tail is definitely Williams logo. The engine was a 12 inch diameter engine which could easily be the represented engine in the picture. The picture is interesting as the engine almost looks like its pylon mounted on top of the wing similar to the Honda Jet.
My guess, its a Williams concept to promote the application of the Williams F107 jet in a light four-place business jet design.