SOURCE: Quasar Aerospace Industries, Inc.

September 13, 2011 16:16 ET

Quasar's Motion Granted by the Court

JACKSONVILLE, FL--(Marketwire - Sep 13, 2011) - Quasar Aerospace Industries, Inc. (PINKSHEETS: QASP)


Quasar is pleased to announce it has been granted permission by the Fourth Judicial Circuit Court to proceed with the previously announced acquisition. The Corporation was initially scheduled to appear in Court for a hearing on the Motion to Withdraw as Counsel filed by the Defendant, Jeffrey DiGenova's attorney. The Court granted the Motion to allow Mr. DiGenova's counsel to withdraw from the case. The Defendant indicated he would be representing himself going forward.

The Corporation then presented its Motion to allow the acquisition of the FAA Part 141 Flight School. Quasar presented the potential opportunities and reasons it felt compelled to take such action. The Court granted the Motion despite objections from Mr. DiGenova.

The decision to acquire this Flight School follows a recent due diligence inspection by Mr. Henderson and Mr. Cirmo to review the assets, the operations and the principals of the current business. As a result of the inspection the Board of Directors felt the acquisition will enable the Corporation to increase revenues significantly and pursue other opportunities in the near future. The recently granted Motion will allow the Corporation to close within 45 days.

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

The Corporation will further discuss the acquisition, its impact and additional opportunities it may have in a conference call on Tuesday, September 20, 2011 at 4:30 p.m. EDT. For both U.S. and international callers to participate, dial +1 (712) 432-0900, then enter the participant access code, 497592#, when prompted. Participants are encouraged to access the call at least five minutes before it is to begin. A playback of the call will be available later at +1 (712) 432-0990.

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