News for 'QASP' - (Quasar Aerospace Industries, Inc. CEO Announces Progress Report)
JACKSONVILLE, FL, Apr 09, 2010 (MARKETWIRE via COMTEX) -- Quasar Aerospace
Industries, Inc. (PINKSHEETS: QASP)
Dean Bradley, the CEO of Quasar Aerospace Industries, Inc., is pleased to
provide an update on the progress on several subjects.
Our meetings in Chicago went very well and resulted in the lender agreeing to a
substantial reduction in the QASP equity they will receive on the closing of our
transaction. We have imbedded our Sr. V.P., Mark Lunduist, in their offices to
expedite the closing which we anticipate within the next ten days. The equity
reduction was compensation for their delays in funding.
The proposals are all in our Tigerfish project. Our Australian partners are all
coming to the US the last week of April for a series of meetings to move this
project forward. We have also expanded the program to include a separate study
on the King Air 200B.
Atlantic Aviation has acquired a second Piper Arrow training aircraft to
accommodate the increased demand.
The survey and soils studies have been completed for the development at Herlong
Airport. The building plans for both the Office/Flight School building and the
hangar are completed. We are only waiting for the JAA to give us the 20-year
lease to sign.
Mr. Bradley is pleased with our progress, even if he regrets the necessary
delays in the funding.
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. undertake no obligation to update such
statements.
Contact:
Quasar Aerospace Industries, Inc.
IR@quasaraerospace.net
SOURCE: Quasar Aerospace Industries, Inc.
CONTACT: mailto:IR@quasaraerospace.net
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SUBJECT CODE: Aerospace and Defense:Aircraft
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