SOURCE: Quasar Aerospace Industries, Inc.

February 09, 2010 15:30 ET

Quasar Aerospace Industries, Inc. CEO Announces Increase in the Corporation's Authorized Shares

JACKSONVILLE, FL--(Marketwire - February 9, 2010) - Quasar Aerospace Industries, Inc. (PINKSHEETS: QASP) -- Dean Bradley, the CEO of Quasar Aerospace Industries, Inc. hereby informs the public that the Board of Directors of the corporation has approved unanimously a resolution increasing the number of Authorized Shares (A/S) of common stock from 750,000,000 to 1,500,000,000. The officers have filed Amended and Restated Articles of Incorporation with the Secretary of State for Colorado effecting this change.

The reason for this change is that the terms of the funding of the balance of our $350,000,000 financing requires us to issue Class B non-voting shares equal to forty percent of the total outstanding common stock to the lender.

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements as a result of various factors, and other risks. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and Quasar Aerospace Industries, Inc. under take no obligation to update such statements.

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