SOURCE: Quasar Aerospace Industries, Inc.

October 04, 2011 16:15 ET

Quasar Finalizes and Completes Acquisition

JACKSONVILLE, FL--(Marketwire - Oct 4, 2011) - Quasar Aerospace Industries, Inc. (PINKSHEETS: QASP) is pleased to announce it completed the previously announced acquisition. A-Cent Aviation, Inc. located at the Colorado Springs Municipal airport in Colorado Springs, Colorado will be acquired as a wholly owned subsidiary. A-Cent Aviation, Inc. has been owned and operated as a family business at the same location since 2001. As an FAA Part 141 Certified Flight School, it is recognized as a leader in pilot training, aircraft sales and aircraft management in the Colorado Springs area.

An onsite review and inspection of the facility and subsequent assessment conducted by Joshua Henderson and Bill Cirmo led to a few modifications to the purchase agreement which has been executed by both parties.

The final purchase price of the acquisition is one hundred, nineteen thousand, seven hundred, forty-eight dollars and 85/100 ($119,748.85). The purchase price is structured to be paid out over a twelve month period starting at the date of the initial deposit and ending on August 26, 2012. This structured payout, in the Corporation's opinion, will allow the acquisition to fund itself during that same period.

A-cent Aviation, Inc. brings many advantages to the current flight training program in place at Herlong Airport in Jacksonville, Florida.

A-Cent Aviation is certified to accept Veterans Administration funding for all of its programs. The Jacksonville area is heavily populated by military members, both active duty and retired, that have access to VA funds for training and education.

A-Cent Aviation is also a Cessna Pilot Center and utilizes the Cessna curriculum. This training curriculum is recognized as a world leader for pilot training and employs the latest in computer based and internet based training techniques.

A-Cent Aviation is already established as a CATS testing center for pilot exams. This will allow the flight school to capture funds from pilots throughout the North East Florida region for every phase of their flight training.

A-Cent Aviation is qualified to begin the certification process required by the US State Department for training of foreign students. This process has already been initiated.

A-Cent Aviation is qualified to enroll students in college programs that will lead to either an Associates or Bachelors Degree in Aviation Science and Management through Mountain State University. Student enrollment in both Colorado and Jacksonville has already begun.

Since inception, the primary goal of the Corporation's business plan was centered on becoming certified as an FAA Part 141 Flight School. This acquisition will allow Quasar to start executing this business plan and meet the growing demand for trained commercial pilots that has become significantly stronger over the last two years. The ability to capture revenue from third parties, including the Veterans Administration and governments sponsored student loans, is a significant step in the expansion of the flight school

The Corporation with this acquisition has also decided, and filed a reverse stock split of 1:1,000 which had been previously authorized. The Board of Directors believes that the reverse split is a step in the right direction in establishing a more positive capital structure as the Corporation intends to move forward. The Corporation will update its shareholders with the effective date of the split when it becomes available.

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