Cat House

[LJ Silver]

JEFF BLOG OUT....,
Update to Shareholders
Posted by jeffdigenova at 3:03 pm, April 1st 2011.
I would like to update shareholders on several issues.



First, Mr. Owens and I have continued to work on a strategy to move forward in a way that regardless of where we end up, Quasar shareholders will have the option to go with us. The recent events involving prior management and associates have muddied the water for all involved, and sadly, this includes the Quasar shareholders who have already suffered enough. To some, this is and always has been about the money they can reap, but there are others here that want to see Justice and a legitimate business established for the benefit of all concerned.

Accusations are being made that I am trying to take Mineseeker away from Quasar. I have learned that to be involved in a successful business, one needs to provide full disclosure to the other party when making any deal. I told Mike Kendrick about the condition in which I had found Quasar and explained to him that as the CEO, I had no choice but to go to the authorities with what I had found. There is no way any company would merge into the murky waters prior management had created so a plan was created that would provide a way for the Quasar shareholders to benefit moving forward. That plan was to create a company, MHI (Mineseeker Holdings Inc), and either merge it into salvaged Quasar or to buy a clean shell and dividend the shareholders into the clean entity.



Mineseeker, as I have mentioned before, had entered into an option agreement that had expired in August, 2010. An MOU was signed in October of 2010 that would have converted that option into a loan and now Joe Canouse is trying to use this MOU as a way to sue Mineseeker and to smear myself and others. There was never any contract signed since Kwan Straughn of Georgia was unable to arrange the financing. Quasar could sue Mineseeker but since Quasar breached the contract, Quasar is open to a substantial counterclaim for damages. Mike Kendrick is being very forgiving and has considered a settlement.

When I took over, we had a lease with Craig on a hangar. Dean and Joshua had ordered a new simulator for Craig and had deposited $20,000. If we did not take delivery, the $20k was lost. The office space to house the simulator needed to be expanded, so we removed a few interior walls. Joshua Henderson had marked the walls to be torn out and was there when they were being taken out. Joshua was supposed to bring his trailer and remove the debris. We needed to raise the suspended ceiling 6" to accommodate the flight simulator. I had personally paid the rent on this hangar because Quasar was under lease and Quasar had equipment worth $25k+ stored there. The rent was $8,600 per month, which I paid for October, November, December, and January and have all the records to prove such.



I am prepared to respond to all of the underhanded dealings here, but my primary goal is to preserve Quasar; however, the so-called airplane guys are posting on Ihub along with Joe Canouse, hardly a professional way to do business and communicate with shareholders. We must let the courts, the SEC, and the US Attorney do their job.



Highest regards,


Jeff