SOURCE: Quasar Aerospace Industries, Inc.

January 31, 2012 16:05 ET

Quasar Corporate Update

JACKSONVILLE, FL--(Marketwire - Jan 31, 2012) - Quasar Aerospace Industries, Inc. (PINKSHEETS: QASP)

Quasar is pleased to announce it has received approval of its reverse stock split by FINRA which will be effective tomorrow, on February 1, 2012. The symbol on this date will be QASPD. Please note the "D" will drop off 20 business days after the effective date to its original symbol of QASP. The current outstanding shares of 1,709,786,263 will now be 1,709,787.

Quasar had previously withdrawn its request to reverse its stock, but re-submitted its request after the former CEOs Mr. Bradley and Digenova convinced the Court to have the Corporation conduct a shareholders' meeting. In order to have enough shares so that all potential shareholders -- Common, Preferred Class A and B, and creditors with convertible debt -- could vote, Quasar felt it was necessary to reverse the stock in order to comply with the Court order.

The Corporation will also be holding a shareholders' meeting which will be announced once the details required by the Court order of December 20, 2011, are complied with. Prior to initiation the full cost of the shareholder meeting will be paid in advance by the former CEO, Mr. Dean Bradley. Mr. Bradley and Mr. Digenova are also required to provide the records and documentation regarding the preferred shareholders prior to the scheduling of the shareholders' meeting of which the Corporation has still not received.

In addition, Quasar's Motion to Amend its complaint against Jeff Digenova was granted, as well as, its Motion to include NHS Health Systems for claims relating to tortious interference.

Lastly, the Corporation will soon be updating the public on developments for its subsidiaries Atlantic Aviation, Inc., A-Cent Aviation, Inc. and Corporate Air Repair, LLC. Quasar will continue to update its 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.

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