Quasar Aerospace Industries Takes Option in High Tech Landmine Company
JACKSONVILLE, FL -- (Marketwire) -- 02/10/10 --
Quasar Aerospace Industries, Inc.
(PINKSHEETS: QASP) has purchased an option to take a controlling share in BVI company, Mineseekers Operations Overseas Ltd, and its subsidiary Mineseeker Operations UK Ltd.
The company has a unique ground penetrating radar system that can detect landmines from an aerial platform, combined with a GPS and video mosaic system that will accurately map minefields and produce detailed photographic images of affected areas.
With a global market estimated to be in excess of $50 billion, covering over 90 countries, the scale of the landmines problem is enormous.
Landmines are a humanitarian disaster that kill and maim victims in post-conflict areas on a daily basis and blight thousands upon thousands of acres of land that could otherwise be used to grow food in some of the poorest areas of the world.
The United Nations estimates that it will take several hundred years at the current rate to rid the planet of the tens of millions of buried landmines and other munitions left behind in war zones since the First World War. The Mineseeker technology is designed to vastly reduce the cost involved and the time taken to identify both landmines and other ordinance, which at the present time are located by operatives who painstakingly probe the ground by hand.
Dean Bradley, CEO of Quasar Aerospace Industries, said, "I am delighted to have secured the Option on the Mineseeker business and am keen to finalise the agreement before the end of this month so that we can move forward together and deliver this much needed breakthrough to the market."
"There is a massive and urgent need to tackle this landmine problem and we have the team and the technology to do it," he added.
"Furthermore, once the acquisition is completed we will be looking to deploy the technology for use in other commercial applications which would benefit from the high tech surveys that we can offer. The synergy with Quasar with its assets and interest in aircraft and training is obvious and we feel that this acquisition will be an excellent fit."
Mike Kendrick, Chairman of Mineseekers Operations, commented, "We are delighted that Quasar Aerospace Industries will become our investor in this company. There is a massive humanitarian need to rid the planet of the scourge of landmines. Currently it can cost up to over $1 million dollars per square kilometre to clear to declare landmine free. We will be able to survey a square kilometre at a fraction of that price -- delivering a healthy profit for our investors while fulfilling a massive need. The landmine problem is a man made disaster. Now we have a man made solution."
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: IR@quasaraerospace.net 904-612-8485
