Maone - Here's another one you ought to seriously look into. QASP Quasar Aerospace. Check out the IBox for QASP, however the reason this is hot is that $350 million in financing for six acquisitions will be funded no later than December 15, and the loan terms are unbelievable. Stock price at present is about $.014, with only 650 mil OS, more than TSHO, but lot lower than most pinks. See NRs below:
Makamai
Quasar Aerospace Industries, Inc. CEO Dean Bradley Announces $350 Million in Funding Is Secured
Press Release
Source: Quasar Aerospace Industries, Inc.
On 1:00 pm EST, Friday November 13, 2009
JACKSONVILLE, FL--(Marketwire - 11/13/09) - Dean Bradley, CEO of Quasar Aerospace Industries Inc. (Pinksheets:QASP - News) has been assured by their funding source that the entire $350,000,000 (350 million USD) will be closed and settled no later than December 15, 2009 and will start closing the 4 acquisitions immediately thereafter.
The extra $200 million dollars will allow us to close acquisitions #5&6. We have started the due diligence process on these and will be acquiring both of these in early 2010. These additional acquisitions and additional funds required to purchase them have contributed greatly to the delays we have experienced. We thank our shareholders for their patience as we progress from planning to implementation.
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Quasar Aerospace Industries, Inc. Details the Terms of Its $350 Million Funding
Press Release
Source: Quasar Aerospace Industries, Inc.
On 3:37 pm EST, Wednesday November 18, 2009
JACKSONVILLE, FL--(Marketwire - 11/18/09) - Quasar Aerospace Industries, Inc. (Pinksheets:QASP - News) today released additional details regarding the Company's recently announced primary funding of $350 million.
Mark Lundquist, a Philadelphia based attorney and Senior Vice President for Strategic Planning for Quasar Aerospace Industries, Inc., stated, "This primary funding instrument will provide a $350 million cash infusion into Quasar. Closing documents are being prepared and closing is scheduled for mid-December."
The funds from the transaction will be transferred to Quasar's account as lump sum, upon the execution of the final documents. The funding transaction is structured as a loan, the proceeds of which originate as part of a $1 billion bond issued by Inver Finance Ltd., an Irish corporation.
The bonds, which are secured by $1.4 billion of life settlement policies on individuals over 72 years of age, bear interest at 6.5% with a ten-year term. Under the terms negotiated, interest does not begin accruing until the end of the third year. Additionally, no principal payments become due until the end of the tenth year. Upon maturity of the loan Quasar has three options for repayment: (1) an issuance of the Company's common stock equal to approximately 9% of the common stock outstanding as payment in full of the principal, (2) extend the loan for two successive five years terms, or (3) pay off the principal and any accrued and unpaid interest.
Dean Bradley, CEO of Quasar Aerospace Industries, Inc., commented, "The company continues to make significant strides in the progressive growth of operations. Inver Finance has provided our Company with a very flexible financial instrument that I believe will provide major long-term benefits for the Company's continued growth and success."
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