SOURCE: Quasar Aerospace Industries, Inc.

May 16, 2011 10:50 ET

Quasar Aerospace Industries, Inc. Is Pleased to Offer This Update to Its Shareholders at This Time

JACKSONVILLE, FL--(Marketwire - May 16, 2011) - Quasar Aerospace Industries, Inc. (PINKSHEETS: QASP)

Some exciting opportunities are being explored but will not be discussed until they have been brought to reality. Atlantic Aviation and Corporate Air Repair have been and continue to be the back bone of QASP and we encourage all shareholders visit our operations at Herlong Airport in Jacksonville, FL. The current Quasar management is committed not only to bringing value to the corporation, but to the recovery of shareholders prior investments and the corrections of past managements actions.

Due to the legal issues surrounding the former CEO's and past management, Quasar's primary focus is on cleaning up these matters. Most recently we asked the court for permission to raise monies to fund certain aspects of the company's ongoing operations and to maintain certain assets. The court granted the motion and limited the use of those funds for the company and not to pay any past management. The company is currently scheduled to be in court on May 26, in an emergency hearing for an immediate Cease and Decease Order to stop Mr. DiGenova from representing himself as an Officer of the Corporation, and to return all of the property and records taken from the corporation. On January 27th, DiGenova was advised that he was no longer an Officer of the company and he was no longer authorized to act on behalf of the corporation in any capacity including, but not limited to, negotiations with other parties, and the issuance of press releases pertaining to corporate activity. Shareholders are advised to utilize extreme caution in making stock purchases or sale decisions based on non-factual press releases made by Mr. DiGenova on behalf of QASP or announcements made on his unauthorized website. We will continue to work through the legal system to clear up this issue and all regulatory bodies to ensure Quasar's shareholders and future shareholders confidence in their company. Furthermore, the company will pursue any damages to Quasar these matters have created and exposed.

The company intends to update its current information on OTC Markets as soon as feasible and when the company has information it can credibly rely on. Quasar will also be providing information on the company at its website: www.quasaraerospaceindustries.com. Quasar has an ongoing business and plans going further we will discuss in future updates. We understand the frustration, confusion and anger these issues have caused our shareholders and are working to clear them up for the maximum benefit of the company.

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.

Contact Information

  • Contact:
    Quasar Aerospace Industries, Inc.
    (904) 378-3259