SOURCE: U.S. Aerospace

January 28, 2011 16:28 ET

U.S. Aerospace, Inc. Announces Voluntary Filing of Form 15 to Suspend SEC Reporting Obligations

LOS ANGELES, CA--(Marketwire - January 28, 2011) - U.S. Aerospace, Inc. (OTCBB: USAE) announced today the filing of a Form 15 with the U.S. Securities and Exchange Commission. The Company filed the Form 15 with the SEC in order to effect a termination of registration of its common stock under the Securities and Exchange Act of 1934.

Upon the filing of Form 15, the Company's obligation to file periodic and current reports with the SEC, including Forms 10-K, 10-Q and 8-K, were immediately suspended. The Company expects the registration of its common stock will be terminated 90 days after the filing of Form 15 with the SEC.

The Board of Directors considered many factors in making this decision, including the following:

  • The non-confidential nature of being a public company, and resulting limitations on the Company's ability to conduct business;
  • The cost associated with preparing and filing periodic reports and other filings with the SEC; and
  • The demands placed on management to comply with SEC reporting obligations, which detract them from the time available for overseeing the Company's operation and growth.

U.S. Aerospace, Inc. does not intend to provide current financial or other information about the Company going forward.

About U.S. Aerospace, Inc.

U.S. Aerospace, Inc. is an aerospace and defense contractor based in Southern California. The Company is an emerging world-class supplier on projects for The Boeing Company, Lockheed Martin Corporation, L-3 Communications Holdings, Inc., the Middle River Aircraft Systems subsidiary of General Electric Company, and other aerospace companies, commercial aircraft manufacturers and prime defense contractors. The Company supplies aircraft assemblies, structural components and highly-engineered, precision-machined details for commercial and military aircraft. The Company has offices and production facilities in Rancho Cucamonga, California.

For further information please visit the Company's website at http://www.USAerospace.com.

Forward-Looking Statements

Except for statements of historical fact, the matters discussed above are forward-looking and made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond the Company's control, may cause actual results to differ materially from stated expectations. These risk factors include, among others, dependence on its key suppliers and international partners, limited capital resources, intense competition, government regulation, complications and risks related to bidding on government contracts, and difficulty in aerospace product and parts manufacturing; as well as additional risks factors discussed in the reports filed by the Company with the U.S. Securities and Exchange Commission, which are available on its website at http://www.sec.gov.

Except to the extent, if any, required by law, the Company undertakes no obligation of any kind to update any information.