SOURCE: Quasar Aerospace Industries, Inc.

June 07, 2012 08:29 ET

Quasar Aerospace Industries, Inc.: Corporate Update

JACKSONVILLE, FL--(Marketwire - Jun 7, 2012) - Quasar Aerospace Industries, Inc. (PINKSHEETS: QASP)

Quasar is pleased to provide the following updates to our shareholders regarding the Corporation and its subsidiaries. Due to a number of inquiries after our conference call and recent filings the Corporation wanted to update and clarify certain issues regarding Quasar and its legal proceedings.

It should be noted that all the actions filed with the courts, at this point, have been initiated by Quasar and in our opinion benefit the Corporation. The counterclaims will be responded to, but our actions will go greatly toward recovering one of its largest investments to date. While Quasar is primarily focusing on its core businesses, we are also aggressively pursuing the assets and debts of the Corporation.

In respect to our previous investment in Mineseeker, the Corporation has asserted and has since sent a demand for the approximate One Million, Seven Hundred Thousand Dollars they received in a loan memorialized in late 2010. The value of that loan represents one of the largest investments made by Quasar and we are demanding repayment of the funds. The value of the note is at least the face value of One Million, Seven Hundred Thousand Dollars ($1,700,000.00). This claim is against Mineseeker regardless of its status as a public or private company and a judgment can be enforced outside the United States, if granted.

Secondly, as we announced in an earlier press release, Quasar was assigned a control block in the parent company of Mineseeker. That control block was in possession of Mineseeker who disavowed or backed out of an agreement signed by multiple parties of Mineseeker, Centacom and two purported officers of the public company. That public company has a market capitalization of approximately Twenty Million Dollars ($20,000,000.00). According to our communications with Clear Trust, those shares, which they claim no ownership in, were retired at the direct instruction of Mineseeker and its principals.

In addition, One Hundred, Fifty Million shares (150,000,000) of that same public company were negotiated for on behalf of a former CEO of Quasar and agreed to by all parties in the parent company of Mineseeker. The market value of those shares today would be approximately Seven and One Half Million Dollars ($7,500,000.00)

Corporate Air
The Corporation has now determined that prior claims and or assignment of any interest in Corporate Air Repair, LLC were improper. We believe any assertion by third parties of any ownership interest in the Corporate Air Repair is evidence of attempted conversion of corporate assets and would represent improper conversion of such. As we have found no board meetings or minutes regarding such we will start accounting for it as a wholly owned subsidiary. However, the Corporation does have the Purchase Agreement between Quasar and Corporate Air Repair wherein 100% of the ownership of Corporate Air Repair was purchased by Quasar. Subsequent to the Purchase Agreement, we do have one individual whom Mr. Brady sold a portion of his purported interest to and we have now secured that alleged ownership interest and claim so as not to cause harm to him or the Corporation. This act by Mr. Brady is being reported as a criminal complaint.

Other legal issues
-The Corporation was scheduled to be in court for a hearing on its Motion for Summary Judgment which seeks dismissal of the two counts in a counterclaim filed by the Defendant, Jeff Dugenova; and, a hearing to approve a Subpoena to retrieve corporate records from an attorney hired by Dugenova on behalf of Quasar. Dugenova is currently opposing this request as well. The hearing will be rescheduled as the Court is in the process of getting a Certificate of Occupancy.
-As a result of the misuse of the legal system to further harm the Corporation, we will also be seeking attorney fees from Dugenova.
-Quasar will be filing a Motion of Contempt against former CEOs, Brady and Dugenova, for failure to comply with a prior court order regarding a shareholder meeting. Neither party has complied with the court order despite the fact that the court held two separate hearings on it.
-The Corporation has gotten many emails from investors who were promised a stock swap by what we have come to believe were representatives of Dugenova. In the proposed swap some investors were urged to buy or hold stock up until a certain date and promised to have those shares exchanged for shares in another company. It is Quasar's position this would not only constitute an illegal solicitation of those shareholders, but manipulation of our stock and interference with the Corporation's shareholders. We also would like to thank those shareholders who have come forward with corroboration of these facts and encourage others who feel they may have been misled as well to email the Corporation at
-Quasar is working with the former owner of CET to reclaim assets improperly removed or sold by Mr. Brady and Mr. Henderson as a result of a release obtained without proper authorization by Mr. Dugenova.

Again, Quasar is focusing on its core business and fulfilling the opportunity its original business plan described. We have recently been approved as a CATS Testing Center as well as filed a SEVIS application. The Corporation does however release this information so as to apprise our shareholders that we are still pursuing the assets of Quasar and that those pursuits have significant merit.

Quasar and its subsidiaries are involved in aviation and aviation related businesses. We are the only certified Cessna Pilot Center ( in Jacksonville, FL. Through our subsidiaries we are an FAA Part 141 flight school ( We offer flight training and accept VA benefits under the GI bill ( Our flight students also benefit from our onsite RedBird Full Motion Flight Simulator FMX1000 (

Check us out on our web site ( and Facebook at: or look to schedule a student pilot experience flight through Groupon ( or Living Social (

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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