SOURCE: Quasar Aerospace Industries, Inc.

April 09, 2010 12:58 ET

Quasar Aerospace Industries, Inc. CEO Announces Progress Report

JACKSONVILLE, FL--(Marketwire - April 9, 2010) - Quasar Aerospace Industries, Inc. (PINKSHEETS: QASP)

Dean Bradley, the CEO of Quasar Aerospace Industries, Inc., is pleased to provide an update on the progress on several subjects.

Our meetings in Chicago went very well and resulted in the lender agreeing to a substantial reduction in the QASP equity they will receive on the closing of our transaction. We have imbedded our Sr. V.P., Mark Lunduist, in their offices to expedite the closing which we anticipate within the next ten days. The equity reduction was compensation for their delays in funding.

The proposals are all in our Tigerfish project. Our Australian partners are all coming to the US the last week of April for a series of meetings to move this project forward. We have also expanded the program to include a separate study on the King Air 200B.

Atlantic Aviation has acquired a second Piper Arrow training aircraft to accommodate the increased demand.

The survey and soils studies have been completed for the development at Herlong Airport. The building plans for both the Office/Flight School building and the hangar are completed. We are only waiting for the JAA to give us the 20-year lease to sign.

Mr. Bradley is pleased with our progress, even if he regrets the necessary delays in the funding.

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. undertake no obligation to update such statements.

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