SOURCE: Quasar Aerospace Industries, Inc.

July 21, 2011 16:40 ET

Quasar Clarifies Corporate Action

JACKSONVILLE, FL--(Marketwire - Jul 21, 2011) - Quasar Aerospace Industries, Inc. (PINKSHEETS: QASP) would like to further clarify its most recent announcement regarding the action by its board and officers. The company has taken action so that its former CEO Dean Bradley, his voting trust and trustee cannot convert, vote or exercise his rights in any manner in regards to his Series A Preferred Shares. On June 7, 2011, Mr. Bradley agreed to Mr. Canouse, Mr. Henderson and our counsel to extend his voting trust for an additional 120 days with Scott Martin remaining as his trustee. Our subsequent discovery of certain events led us to take the action we did.

Furthermore, we have advised Computershare of these events and requested our counsel withdraw the motion on behalf of McKenzie Capital scheduled to be heard on August 30, 2011. The proceeds advanced to the company referenced in that motion appear to be from the sale of assets formerly held by Quasar or its subsidiaries. Lastly, we caution anyone who has been, or may be solicited to purchase notes by Mr. Bradley against Quasar to exercise due caution as the company is reviewing the validity of such notes.

Quasar itself, outside of its legal entanglements with another former officer, is focused on executing its business plan as it relates to its flight school, Atlantic Aviation, and Corporate Air Repair. In regards to the ownership of Corporate Air, the company is taking the necessary steps to ensure the interests of Quasar are protected. Lastly, we are actively pursuing outstanding monies and investments that we believe are rightfully owned by the company outside of previously discussed companies including Clayton Advisors, Newby and Associates and Mineseeker.

We will continue to update our shareholders and the investment community as events unfold.

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