DETAILED SUMMARY OF QUASAR’S CONFERENCE CALL for JUNE 10, 2010:
(corrected type-o's)
1. What is the status of the Company Buyback? The company buyback is virtually non existent at the present time. That’s because they have so much money required on a weekly basis from Mineseeker and Tigerfish. The company’s money is going to build the company. Dean and affiliates have been buying though. Let me emphasize that the O/S increase is meaningless compared to the tremendous good that the money is creating in value for the company.
2. Will Sir Richard Bransons celebrity status be used to promote Mineseeker’s operations overseas? Of course it will. Not only will his status be used, but so will Richard Attenborough, Nelson Mandela, Queen Noor and many others who have worked diligently in the past in this mine removal program. Have approached Prince William and Prince Harry for permission to name the first helicopter 'The Spirit of Lady Di'.
3. Dean stated that he made an offer today to buy two excellent helicopters which will provide the equipment for the first team. Hopefully these first two helicopters will be delivered to Africa in early July.
4. What is the status of the funding from London? So far Dean has been told that all roadblocks have been completed and receiving traunches of 100 mil in the near future. Dean will update us next week when he gets more info on the subject.
5. When will there be a major reduction in O/S? Most likely first week in July the buy back will begin, and go on very aggressively moving forward after that. Looking at buying back 20-30% of the outstanding shares and the company will have plenty of money at that time to do that.
6.Is there any need to increase the Authorized Shares? An A/S increase is still off the table. No need whatsoever to increase it and no desire to.
7. Who owns the 165M assets that have been pledged? A major trust fund bank is affiliated with the 110 mil loan collateral. First 10 million is anticipated imminently, The next 100 million will follow within days.
8. Considering Dean’s age, what are plans for succession? Dean says he isn't going anywhere, but an employment agreement has been signed already for a person starting July 1st as the new President and Chief Operation Officer (COO) of Quasar. He is a brilliant Aerospace Executive. His credentials are absolutely impeccable. Dean will remain as Chairman and CEO however he will remain in the background from the standpoint of operations, focusing on funding and corporate governance, and we will have a new CFO coming onboard as well to take over the accounting. Dean says the company will expand dramatically in the next few weeks that it would be impossible for Dean to carry on without that kind of help.
9. How will the present Word’s economy affect Quasar and do you foresee any affect on the earnings in general? Dean says that the World economy will not hurt business at all. One company that QASP is acquiring week after next has $40 million in annual sales and has a $250 million backlog. All companies acquired this month will have a 20% EBITDA except Tigerfish USA that probably won’t bring in any revenues for about a year. However, Quasar is limiting investing in Tigerfish at 7 mil. Dean is expecting to receive a venture partner from EU or Indian aerospace company to carry on that development program.
10. What will Mark Lundquist role (presently Senior VP) be and will he be full time with the company?: At annual meeting in August, Mark will be on board on a full time basis, and will be managing Quasar Financial Corporation and the investment of the surplus cash which is expected to be well in excess of 100 mil.
11. What is the status of the Audit to prepare consolidated financials? The company is in the process of getting the 2009 year end Audit complete. It has been promised by July 15th. Dean feels that it won’t make the 15th, however by the 20th - 25th at the latest. The company will also have to do a consolidated balance sheet for June 30th, because they will have another 5 or 6 acquisitions completed by the end of June. When we file 2009 audited financials and update them with first quarter 2010, will become fully SEC reporting pink sheet company.
12. Is Mineseeker closed yet? NO. However Dean says it will be closed the week of June 21st. Dean is very very confident about this and sees nothing that could stop it from happening...will announce the closing of Mineseeker just the minute it happens. Dean says he is booked for a flight to the demonstration in Croatia for July 8 thru 11.
13. Can Mineseeker technology be used to detect unexploded WWII ordinance that is frequently found in Germany? The Mineseeker downward seeking radar can penetrate to 3 meters (9 feet), if bombs are deeper then they wont be detected. Dean’s sister-in-law had one found in her yard 40feet from her apartment last month when they were doing some remodeling. Dean says they find them on the average of 1 a month in Germany alone.
14. What is the Float and the number of restricted shares? Dean said he didn’t know the answer to that question at the moment.
15. When will the dilution be over? The dilution will be over @ 1.5 billion shares issued (if it reaches that). Then the anti dilution will commence (buy back). Dean reiterated that all the fuss over dilution is ridiculous as the company is only diluting to sustain operations until funding received. No dilution will be needed once funding is received.
16. Is there any possibility of Reverse Split? Only time Dean would even consider doing a R/S, would be IF it was necessary to up list on AMEX and NASDAQ exchange. That's the only scenario. Dean said, for example, if our share price is $3 and the requirement is $5 to up list, they would consider doing a 2:1 split to raise the SP to $6 to qualify us for the more sophisticated exchange.
18. Concerning the website: The company is not happy with their current website designer. They have signed a contract with a new web designer. Website will be very different by early July. Later changes to the website will be made within minutes instead of days.
17. In Closing, there are many things happening in the next 10 days and he will be traveling a lot and therefore will film a weekly video update and put it on the website from where he is. Stay safe and keep the faith.
