SOURCE: Quasar Aerospace Industries, Inc.

June 24, 2010 11:39 ET

Quasar Aerospace Update on Funding

JACKSONVILLE, FL--(Marketwire - June 24, 2010) - The CEO of Quasar Aerospace Industries, Inc. (PINKSHEETS: QASP), Dean Bradley, announces that Newby and Associates has received confirmation of funds issued against the $125mm standby letter of credit from the funding bank. The funds for the $110mm loan being made to Quasar Aerospace Industries, Inc. will be made available immediately upon Newby and Associates fulfilling the final two conditions required by the issuer of the standby letter of credit (SBLC). Newby and Associates anticipates that these conditions will be met within the next 72 hours.

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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