SOURCE: Quasar Aerospace Industries, Inc.

August 30, 2011 16:30 ET

Quasar Enters Into a Letter of Intent to Acquire a FAA 141 Flight School

JACKSONVILLE, FL--(Marketwire - Aug 30, 2011) - Quasar Aerospace Industries, Inc. (PINKSHEETS: QASP) -- Quasar is pleased to announce that their wholly owned subsidiary, Atlantic Aviation, Inc. has entered into a letter of intent to acquire a flight school that is a FAA 141 air agency that is VA qualified. The target acquisition is an operating business with assets which will be included in the acquisition. The Corporation felt it was imperative to enter into this agreement in light of ongoing cutbacks at the FAA due to recent funding delays. This acquisition will rectify the Corporations inability to execute its business plan due to lack of certification, and carry out other opportunities on the immediate horizon for Quasar and Atlantic.

Upon entering into a Purchase Agreement, Atlantic will be able to capture revenues it currently is not able to and enter into other agreements being negotiated which we will detail later. The Corporation will discuss the economics of the acquisition in a further release and an upcoming conference call and shall detail the reasons it feels this move will mark a decided turnaround for the Corporation. Quasar will also be sending a request to the Defendant and Court simultaneously to approve this acquisition along with the economic reasons and rationale behind it.

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