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Jul 30, 2010 15:08 ET
Quasar Aerospace Industries, Inc. Announces Extension Agreement With Mineseeeker Overseas Operations

JACKSONVILLE, FL--(Marketwire - July 30, 2010) - Quasar Aerospace Industries, Inc. (PINKSHEETS: QASP)

Quasar Aerospace Industries, Inc. has entered into an agreement with Mineseeker to extend the date for closing the acquisition of their 51.0% controlling interest. To date QASP and its CEO, Dean Bradley, have invested over $1,800,000 in Mineseeker.

QASP has leased an additional facility at Craig Airport in Jacksonville, which will be shared by Atlantic Aviation, Inc., a wholly owned subsidiary for the purpose of expanding its flight training program, and Corporate Air Repair, our maintenance company, to provide aviation repair services at that airport, and as a satellite base for the Part 145 repair station which company we are under contract to acquire.

The architectural and engineering plans for the facility at Herlong Airport are now complete and have been released for bid by the company that is managing the project. We anticipate signing the land lease in August and hope to begin construction in September of this year.

A detailed press release of each of the acquisitions which closed this week will be issued early next week.

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.

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http://www.marketwire.com/press-release/Quasar-Aerospace-Industries-Inc-Announces-Extension-Agreement-With-Mineseeeker-Overseas-1298214.htm