SOURCE: Quasar Aerospace Industries, Inc.

June 14, 2010 09:23 ET

Quasar Aerospace Announces Progress for the Funding Required for Its Targeted Acquisitions

JACKSONVILLE, FL--(Marketwire - June 14, 2010) -  The CEO of Quasar Aerospace Industries, Inc. (PINKSHEETS: QASP), Dean Bradley, announces Newby & Associates, Inc. has received confirmation from the Trust company confirming their bank's outgoing swift of a $125mm standby letter of credit to the Trust Company's Bank. Once the Lending Bank has confirmed the BANK TO BANK swift transfer from the Trust's Bank, funds will be received by Newby & Associates, Inc. for lending to QASP within 72 hours. This first and larger swift amount of $125mm from the Trust Company's Bank occurred 3 days ahead of schedule. The expediting of the two simultaneous loan closings totaling $110mm is attributed to Newby & Associates, Inc.'s firm understanding of Quasar's time constraints regarding the first round of targeted acquisitions. 

The CEO will be visiting all of the targeted acquisitions this week completing the documentation for these acquisitions in order for them to close before the end of this month. The Quasar Aerospace Team is understandably excited with this progress which will help the company continue to execute its business plan, thereby enhancing share price. 

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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