JACKSONVILLE, FL - Oct 2, 2012 - Quasar Aerospace Industries, Inc. (PINKSHEETS: QASP) -- Quasar is pleased to provide this update to its shareholders and the investment community.
Following a previous shareholder meeting and announcement, the Corporation has filed the amended designation for the Series A Preferred shares. (http://www.sos.state.co.us/biz/ViewImage.do?fileId=20121550640&masterFileId=20041038153) The previous designation conveyed permanent control over the Corporation which is no longer the case. This action will enable current and potential investors to evaluate their investment or potential investment in Quasar more accurately. With this action completed the Board is now able to contemplate a further reduction in its authorized shares. In addition, the Corporation continues to preclude Mr. Dean Bradley, a former officer, from exercising any rights to vote, convert, sell or transfer his preferred shares.
Quasar has just learned that counsel for Defendant, NHS Health Solutions, Inc., has filed a Motion to Withdraw from the case. In addition to other deficiencies of the Defendant this recent event has given cause for the Corporation to take additional steps to preserve its claims against all parties including, but not limited to, NHSH, Mineseeker and its officers and directors as well as the other Defendant, Mr. Digenova. While those actions remain confidential at this point, Quasar would like to assure its shareholders it will do what is necessary to preserve and monetize its claim against all parties.
Quasar and its subsidiaries are involved in aviation and aviation related businesses. We are the only certified Cessna Pilot Center (http://www.cessna.com/learn-to-fly.html) in Jacksonville, FL. Through our subsidiaries we are an FAA Part 141 flight school (www.faa.gov), Computer Assisted Testing Service (CATS) (http://www.catstest.com) and a Comira testing facility (http://www.comiratesting.com). We offer flight training and accept VA benefits under the GI bill (http://www.gibill.va.gov/). Our flight students also benefit from our onsite RedBird Full Motion Flight Simulator FMX1000 (http://www.redbirdflightsimulations.com).
Check us out on our web site (www.quasaraero.com) and Facebook at:http://www.facebook.com/pages/Quasar-Aerospace-Industries-Inc/146434125485747 or look to schedule a student pilot experience flight through Groupon (www.groupon.com) or Living Social (www.livingsocial.com).
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. under take no obligation to update such statements.
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Telephone: (904) 207-6503
SOURCE: Quasar Aerospace Industries, Inc.