Quasar Aerospace Industries, Inc. Announces an Agreement to Acquire an Aerospace Engineering Firm
23 minutes ago - Market Wire
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EQUR 0.025 -24.24%
As of 12:21 PM ET 5/13/09
Quasar Aerospace Industries, Inc., formerly Equus Resources, Inc. (PINKSHEETS: EQUR), is pleased to announce an agreement in principal to acquire an aerospace engineering firm located in the Southeast area of the US. This acquisition will provide the company with a full line of engineering capability for the Quasar line of aircraft currently in development. For security reasons the name of the company will not be divulged until the acquisition is closed.
The acquisition is to be made with private equity funding and will be an all cash transaction. This acquisition when it closes sometime prior to July 31, 2009 will add approximately $8 million to our revenue stream and $2 million in EBITDA.
Once the definitive Agreement has been executed, sometime in the next 30 days, Quasar will award the $6 million contract for the completion of the engineering for the Quasar I, very light twin engine aircraft to this firm.
Dean Bradley, the company CEO, is pleased to be able to announce this important component that will provide one more essential technology to our family of companies.
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 Equus Resources, Inc. and Quasar Aerospace Industries, Inc. undertake no obligation to update such statements
Contacts:
Dean Bradley
904-612-8485
deanbrad@bellsouth.net
Scott Martin
770-521-9410
scott.martin@jpccapital.com
