SOURCE: Quasar Aerospace Industries, Inc.

August 06, 2009 13:59 ET

Quasar Aerospace Industries, Inc. Announces Agreement for Its 4th Acquisition

JACKSONVILLE, FL--(Marketwire - August 6, 2009) - Quasar Aerospace Industries, Inc. (PINKSHEETS: QASP) (formerly) Equus Resources, Inc. (EQUR).

Quasar Aerospace announced that at a special meeting of its board of directors on August 5th, the board authorized The Chief Executive Officer to sign the agreement in principle to acquire our Target Acquisition #4 (TA#4). It has been agreed that TA#4 must be closed simultaneously with the three previously announced acquisitions. Therefore the closing date for all four has been delayed until August 28, 2009. This deal will more than double the previously announced forecasts for both revenue and profit for 2010. We are now estimating that our 2010 revenue will exceed $150 million and our pre-tax profit is estimated at approximately $33 million.

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 Equus Resources, Inc. and Quasar Aerospace Industries, Inc. under take no obligation to update such statements.

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