JACKSONVILLE, FL, Jan 31, 2012 (MARKETWIRE via COMTEX) -- Quasar Aerospace Industries, Inc. (PINKSHEETS: QASP)
Quasar is pleased to announce it has received approval of its reverse stock split by FINRA which will be effective tomorrow, on February 1, 2012. The symbol on this date will be QASPD. Please note the "D" will drop off 20 business days after the effective date to its original symbol of QASP. The current outstanding shares of 1,709,786,263 will now be 1,709,787.
Quasar had previously withdrawn its request to reverse its stock, but re-submitted its request after the former CEOs Mr. Bradley and Digenova convinced the Court to have the Corporation conduct a shareholders' meeting. In order to have enough shares so that all potential shareholders -- Common, Preferred Class A and B, and creditors with convertible debt -- could vote, Quasar felt it was necessary to reverse the stock in order to comply with the Court order.
The Corporation will also be holding a shareholders' meeting which will be announced once the details required by the Court order of December 20, 2011, are complied with. Prior to initiation the full cost of the shareholder meeting will be paid in advance by the former CEO, Mr. Dean Bradley. Mr. Bradley and Mr.
Digenova are also required to provide the records and documentation regarding the preferred shareholders prior to the scheduling of the shareholders' meeting of which the Corporation has still not received.
In addition, Quasar's Motion to Amend its complaint against Jeff Digenova was granted, as well as, its Motion to include NHS Health Systems for claims relating to tortious interference.
Lastly, the Corporation will soon be updating the public on developments for its subsidiaries Atlantic Aviation, Inc., A-Cent Aviation, Inc. and Corporate Air Repair, LLC. Quasar will continue to update its shareholders and the investment community as events unfold.
