SOURCE: Quasar Aerospace Industries, Inc.

April 21, 2010 12:57 ET

Quasar Aerospace Industries, Inc. CEO Clarifies Mineseeker Deal

JACKSONVILLE, FL--(Marketwire - April 21, 2010) -  Quasar Aerospace Industries, Inc. (PINKSHEETS: QASP)

Dean Bradley, the CEO of Quasar Aerospace Industries, Inc. is pleased to share the latest developments for Mineseeker Overseas Operations, Ltd. The following is a joint statement by Dean Bradley and Michael Kendrick, the founder and chairman of Mineseeker.

Mineseeker and Quasar Complete Negotiations

An agreement for Quasar Aerospace Industries, Inc. to take a controlling share in Mineseeker Operations has been reached. The negotiations have suffered delay, due in some part, to the closing of much of Europe's airspace, which meant that the parties were unable to meet to discuss final terms. However, this has now been completed remotely and the contractual documents will be signed within a few days. 

The deal involves Quasar securing a controlling share in the for-profit company, Mineseeker Operations (www.mineseeker.com).

The not-for-profit Mineseeker Foundation (www.mineseeker.org) will continue with its awareness and victim support programs. As part of the deal, The Mineseeker Foundation will be licensing Mineseeker brands to Mineseeker Operations which will enable it to exploit the intellectual property built up by the Foundation over the last decade.

Mineseeker Operations will be showcasing its products to the humanitarian de-mining community in Croatia on April 27th – 29th at a convention that will be attended by NGO's, funders, affected Governments and supply companies.

A formal press announcement will be made on completion.

A rumor has been spread by people who do not seem to bother with the truth or getting the facts straight that QASP is dealing with the Mineseeker Foundation which is totally incorrect. QASP is acquiring a 51% interest in Mineseeker Overseas Operation, Ltd., which is incorporated in BVI.

This for-profit corporation is currently negotiating hundreds of millions of dollars of contracts with companies in the Balkans and Africa. The particulars of these contracts will be shared at an appropriate time. QASP has invested $847,000 in Mineseeker Operations to date and will be advancing an additional $160,000 this week which will take our investment to just over $1,000,000.

Last week the representatives of the Irish corporation, their attorney, Quasar's management team and their two attorneys met in Freeport, Grand Bahama to iron out last minute details of our long term funding. We anticipate closing this financing and our first five acquisitions in a matter of days now.

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. undertakes no obligation to update such statements.

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