Bobbott,
SOURCE: Quasar Aerospace Industries, Inc.
Mar 24, 2010 13:55 ET
Quasar Aerospace Industries, Inc. CEO Announces Progress Report for Atlantic Aviation, Inc.
JACKSONVILLE, FL--(Marketwire - March 24, 2010) - Quasar Aerospace Industries, Inc. (PINKSHEETS: QASP) -- Dean Bradley, the CEO of Quasar Aerospace Industries, Inc., is pleased to provide an update on the progress that our flight training subsidiary, Atlantic Aviation, Inc., has made in the last few months. Due to the increased student enrollment, we have had to double our floor space, hire two additional instructors, place a Designated Pilot Examiner on staff, and acquire another Cessna 172 SP primary trainer. Thanks to the efforts of Joshua Henderson, President and Chief Operating Officer of Atlantic Aviation, Inc., and his team our revenues have quadrupled over the last three months. The application for approval by the U.S. State Department is progressing and we look forward to beginning to import students from our associates in India. The approval for a FAA Certified 141 Flight School is currently being processed which will enable AAI to further expand its operations to a global market. The addition of William Cirmo, a retired Naval Commander as Chief Pilot and Director of Operations, incorporates his former military experience to elevate AAI's flight training program. Furthermore, the addition of Rich Tillery, a highly respected aviation expert, lays the foundation for expansion into helicopter operations.
According to Mr. Henderson, AAI will see tremendous strides in the upcoming months. The key to a successful flight school in any economy is diversification. AAI will become one of the most fully rounded flight schools in the United States, catering to all avenues of flight from sea plane operations, gliders, and banner towing to acrobatics, war bird training, and mock dog fighting. Our goal at AAI will set a precedent by being able to train for any pilot certification from light sport to a type rating in a jet aircraft. AAI has also hired Phillip Hodges as Chief Instructor to spearhead the future expansion of AAI's involvement with 135 charter and jet operations. "We are very proud of the progress that we have made with AAI thus far, but are always seeking new ways for company growth," says Henderson.
Mr. Bradley also announced that Quasar Aerospace Industries has made a $1,000 donation to the American Red Cross to help with the relief efforts for the earthquake disaster in Chile. This donation was matched by he and his wife personally.
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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