Quasar Aerospace Industries, Inc.: Corporate Update
June 07 2012 - 7:29AM
Marketwired
Quasar Aerospace Industries, Inc. (PINKSHEETS: QASP)
Quasar is pleased to provide the following updates to our
shareholders regarding the Corporation and its subsidiaries. Due to
a number of inquiries after our conference call and recent filings
the Corporation wanted to update and clarify certain issues
regarding Quasar and its legal proceedings.
It should be noted that all the actions filed with the courts,
at this point, have been initiated by Quasar and in our opinion
benefit the Corporation. The counterclaims will be responded to,
but our actions will go greatly toward recovering one of its
largest investments to date. While Quasar is primarily focusing on
its core businesses, we are also aggressively pursuing the assets
and debts of the Corporation.
Mineseeker In respect to our previous investment in Mineseeker,
the Corporation has asserted and has since sent a demand for the
approximate One Million, Seven Hundred Thousand Dollars they
received in a loan memorialized in late 2010. The value of that
loan represents one of the largest investments made by Quasar and
we are demanding repayment of the funds. The value of the note is
at least the face value of One Million, Seven Hundred Thousand
Dollars ($1,700,000.00). This claim is against Mineseeker
regardless of its status as a public or private company and a
judgment can be enforced outside the United States, if granted.
Secondly, as we announced in an earlier press release, Quasar
was assigned a control block in the parent company of Mineseeker.
That control block was in possession of Mineseeker who disavowed or
backed out of an agreement signed by multiple parties of
Mineseeker, Centacom and two purported officers of the public
company. That public company has a market capitalization of
approximately Twenty Million Dollars ($20,000,000.00). According to
our communications with Clear Trust, those shares, which they claim
no ownership in, were retired at the direct instruction of
Mineseeker and its principals.
In addition, One Hundred, Fifty Million shares (150,000,000) of
that same public company were negotiated for on behalf of a former
CEO of Quasar and agreed to by all parties in the parent company of
Mineseeker. The market value of those shares today would be
approximately Seven and One Half Million Dollars
($7,500,000.00)
Corporate Air The Corporation has now determined that prior
claims and or assignment of any interest in Corporate Air Repair,
LLC were improper. We believe any assertion by third parties of any
ownership interest in the Corporate Air Repair is evidence of
attempted conversion of corporate assets and would represent
improper conversion of such. As we have found no board meetings or
minutes regarding such we will start accounting for it as a wholly
owned subsidiary. However, the Corporation does have the Purchase
Agreement between Quasar and Corporate Air Repair wherein 100% of
the ownership of Corporate Air Repair was purchased by Quasar.
Subsequent to the Purchase Agreement, we do have one individual
whom Mr. Brady sold a portion of his purported interest to and we
have now secured that alleged ownership interest and claim so as
not to cause harm to him or the Corporation. This act by Mr. Brady
is being reported as a criminal complaint.
Other legal issues -The Corporation was scheduled to be in court
for a hearing on its Motion for Summary Judgment which seeks
dismissal of the two counts in a counterclaim filed by the
Defendant, Jeff Dugenova; and, a hearing to approve a Subpoena to
retrieve corporate records from an attorney hired by Dugenova on
behalf of Quasar. Dugenova is currently opposing this request as
well. The hearing will be rescheduled as the Court is in the
process of getting a Certificate of Occupancy. -As a result of the
misuse of the legal system to further harm the Corporation, we will
also be seeking attorney fees from Dugenova. -Quasar will be filing
a Motion of Contempt against former CEOs, Brady and Dugenova, for
failure to comply with a prior court order regarding a shareholder
meeting. Neither party has complied with the court order despite
the fact that the court held two separate hearings on it. -The
Corporation has gotten many emails from investors who were promised
a stock swap by what we have come to believe were representatives
of Dugenova. In the proposed swap some investors were urged to buy
or hold stock up until a certain date and promised to have those
shares exchanged for shares in another company. It is Quasar's
position this would not only constitute an illegal solicitation of
those shareholders, but manipulation of our stock and interference
with the Corporation's shareholders. We also would like to thank
those shareholders who have come forward with corroboration of
these facts and encourage others who feel they may have been misled
as well to email the Corporation at
shareholdersgroup@quasaraerospaceindustries.com. -Quasar is working
with the former owner of CET to reclaim assets improperly removed
or sold by Mr. Brady and Mr. Henderson as a result of a release
obtained without proper authorization by Mr. Dugenova.
Again, Quasar is focusing on its core business and fulfilling
the opportunity its original business plan described. We have
recently been approved as a CATS Testing Center as well as filed a
SEVIS application. The Corporation does however release this
information so as to apprise our shareholders that we are still
pursuing the assets of Quasar and that those pursuits have
significant merit.
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). 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.
Contact Quasar Aerospace Industries, Inc. Telephone: (904)
207-6503 Email: ir@quasaraerospaceindustries.com Website:
www.quasaraero.com Facebook:
http://www.facebook.com/pages/Quasar-Aerospace-Industries-Inc/146434125485747
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