BUY BACK NEWS 9/16/09
Quasar Aerospace Industries, Inc. Announces Start of Share Buy-Back Program
Company will immediately begin a Buy-Back of a Quasar Common Shares in
the Open Market
JACKSONVILLE, FL, Sept. 16 /PRNewswire-FirstCall/ - Quasar Aerospace Industries, Inc. (OTC Pink Sheets: QASP - News; formerly) Equus Resources, Inc. (EQUR), announces the beginning of a the share buy-back program. The two major banks that the company does business with are setting up brokerage accounts to facilitate this program, which should begin early next week.
The company has allocated funds through a $15 Million dollar bridge loan, and intends to move forward on the buy-back of common shares of Quasar stock in the open market without further notice. During the buy-back, the company anticipates buying back somewhere between 10% and 20% of the company's common shares. The shares purchased in the buy-back will return to the company as treasury stock.
CEO Dean Bradley commented on the share buy-back, "I am very pleased that we can initiate a share buy-back. I do not believe the current price in the market reflects the value I see in the company and its shares. I think it is very good for the company to go in and return shares to the treasury."
As mentioned in the August 26, 2009 press release, the company has sufficient capital and is eager to use some of the proceeds of this $15 million dollar bridge loan to purchase common stock. Additionally, the company has previously announced four planned acquisitions of well established aviation and aerospace related businesses that will add an estimated $150 million to Quasar's revenue and $33 million in EBITDA for the Company's fiscal year 2010.
