SOURCE: Quasar Aerospace Industries, Inc.

February 24, 2010 14:11 ET

Quasar Aerospace Industries, Inc. CEO Announces Results of European Meeting on Tigerfish Joint Venture

JACKSONVILLE, FL--(Marketwire - February 24, 2010) -  Quasar Aerospace Industries, Inc. (PINKSHEETS: QASP)

Dean Bradley, the CEO of Quasar Aerospace Industries, Inc., reports the results of the meetings in Hamburg, Germany, February 16 through the 19th.

  1. We made the decision that our first Proof of Concept aircraft will be the Dornier 228 NG.
  2. Extensive discussions were held regarding the use of the different materials that would be used in the various components of the RAPT system.
  3. Elan/Edag brought in an expert on the certification of our RAPT (Retractable Amphibious Pontoon Technology) system by EASA and a protocol was established.
  4. TFA Pty Ltd. and TFUSA Inc. jointly elected to send an RFP (Request for Proposal) to four different qualified engineering firms soliciting bids. One of these is in Germany and the remaining three are in the US.

We have given each firm two weeks to respond, at that time we will take a week to evaluate each, and a decision will be made on which firm to retain for the contract. It is estimated that the cost of said engineering will be in the vicinity of $5 million (US).

The engineering contract is expected to enable this joint venture to follow into full scale production. Tigerfish has established a retracting float concept that was granted a US patent in 2005. The Tigerfish system can be retrofitted to a wide range of aircraft including; regional airliners, utility aircraft, executive aircraft, UAVs, and military transports. When this venture reaches full-scale production and retrofitting, it will be done through a variety of facilities that will be established throughout the world with tentative arrangements in place for U.S., India, Australia and Germany.

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. under take no obligation to update such statements.

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