SOURCE: Quasar Aerospace Industries, Inc.

August 15, 2011 11:33 ET

Quasar Corporate Update

JACKSONVILLE, FL--(Marketwire - Aug 15, 2011) - Quasar Aerospace Industries, Inc. (PINKSHEETS: QASP) is pleased to provide this update on the company to its shareholders. The Corporation has reacquired access to the aircraft it previously owned. It is vital to have these assets as the activity of the flight school has increased and without them the Corporation would have lost the main component of its business plan. The value of the aircraft is estimated conservatively at over $350,000.

The Corporations has raised an additional $45,000 from private placement sales of which the proceeds were applied to past debts with its various vendors including Computershare, Pinksheets, and general bills. Mr. Canouse, the current CEO, has also used personal funds of approximately $100,000 and a bank loan he secured personally to assist in reacquiring access to the aircraft.

Atlantic Aviation, Inc. is currently exploring a new venture that will create exciting possibilities in the aviation industry. The details of this project will be announced shortly to fulfill the growing need that is being realized by the shortage of pilots in the global community. Atlantic Aviation has refurbished its facility, to include new signage which enhances its visibility to the public and may potentially boost the volume of new students and is undertaking new marketing strategies which have shown to be extremely effective in bringing in potential students and generating additional revenue.

At this time, Atlantic Aviation and Corporate Air Repair are developing a new website which will be published soon. This website will incorporate video footage of our facilities, renovations and newly acquired equipment. We are also looking into filming daily operations and flights allowing investors and shareholders who have not been able to visit our facilities to have a glimpse of our operations and superior performance.

Due to our growing exposure, expanding notoriety, and impeccable reputation, Corporate Air Repair, LLC has recently renovated its facility with new equipment and signage. The newly acquired equipment has created an aesthetic appearance that matches the quality of work of the Company. Photos and video of the Companies renovations will be available shortly on the new website.

Lastly, we have commenced a forensic audit of the Corporation's financial statements and records which we hope to post shortly. In doing so, we have identified over $1.8 million dollars in deposits and loans which we are seeking to recover. This figure does not represent the Corporation's investment in 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