SOURCE: Quasar Aerospace Industries, Inc.

June 10, 2010 09:09 ET

Quasar Aerospace Announces Funding Progress and Conference Call

JACKSONVILLE, FL--(Marketwire - June 10, 2010) -  The CEO of Quasar Aerospace Industries, Inc. (PINKSHEETS: QASP), Dean Bradley, announces that Newby and Associates has confirmed the successful closings of both the $10mm and $100mm (AAA) rated pieces of collateral from the US based Trust Company. This is the final piece of collateral required to close the loans being provided to Quasar Aerospace Industries, Inc. These closings occurred in four days, which is one day earlier for the first $10mm asset and 10 days earlier for the second $100mm than previously announced. These assets are in excess of one hundred ten million dollars ($110mm), and are sufficient to secure the initial ten million dollar ($10mm) loan plus the additional one hundred million dollar ($100mm) financing package being provided to Quasar Aerospace Industries, Inc. by Newby and Associates. Mr. Bradley looks forward to updating the shareholders in a timely manner on this funding and the subsequent closings of its target acquisitions.

The CEO of Quasar Aerospace Industries, Inc., Dean Bradley, also announces that a conference call has been scheduled for Thursday, June 10, 2010 at 4:00 P.M. Eastern time to further inform and update shareholders on the company's progress. The details of the conference call are described below:

Shareholder Conference 4
Thursday, June 10, 2010 - 4 pm EDT
Toll Free Number: (1-800-868-1837) Participant Code: 68984527#
Direct Dial Number: (1-404-920-6440) Participant Code: 68984527#

This call is a live, listen-only, dial-in telephone line. The first 300 people that call in can join in the call. The rest will be able to listen to the audio recording as soon as we are able to get it posted to our website. The offices of Quasar Aerospace Industries, Inc. will begin taking calls at 3:00 P.M. EDT for questions to be submitted to Mr. Bradley that will be answered during the conference call at 4:00 P.M., and will continue taking questions through approximately 4:45 P.M. The office number is (904) 378-3251. Mr. Bradley will try to answer all questions and information that we are at liberty to disclose at the time of the call.

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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