HOUSTON, Oct. 12, 2011 /PRNewswire/ -- AvStar Aviation
Group, Inc. (AvStar) (OTCQB: AAVG) today released the following
company update concerning current operations.
DOT Commuter Authority
Twin Air Calypso Limited, Inc. received the first request for
additional information from the DOT in mid-September. The nature of
the requests was as expected; the responses are being finalized and
will be forwarded to the DOT on Friday
October 14, 2011.
Cuba Authority
The application by Twin Air Calypso Limited, Inc. for its Cuban
authority is still being processed by OFAC. The company's intention
is to open a market from the Ft. Meyers/Naples area. This market has just recently
opened for Cuba travel via the
Regional Southwest International Airport and inquiries to the local
Cuban-American population has shown a market exists that is suited
to our size of operation. Until Twin Air Calypso receives their
authority, the company is negotiating with one of their strategic
partners to begin this service using their Cuba Authority to
quickly open this market. Further details of the company's plans
and projections are being gathered at this time and will be
released shortly.
Twin Air Calypso Travel Club
The company plans to begin issuing the "TwinBucks" card the week
of October 17, 2011. The card can be
used by our customers for Twin Pack purchases and have the ability
to add credit for freight, excess baggage, and other Twin Air
Calypso services. The customer will be able to monitor their
account on-line and purchase services remotely. As an expansion of
the card the company will be introducing the "Twin Air Calypso
Travel Club". The club will offer various levels of membership
having privileges and discounts based upon monthly dues or a
minimum cash balance maintained on their "TwinBucks" card.
Convertible Notes
The company is currently negotiating with a private investor to
retire the company's convertible notes. Details will be announced
as they become available.
Company Investments
The company has been in contact with several private investors,
seeking to place cash investments into the company to aid its
current efforts of expanding our operations as well increasing the
size and capacity of aircraft. The company will continue to keep
shareholders updated as further details of these negotiations
become available.
The company continues to pursue other opportunities to increase
operations, expand coverage areas increase revenues, and investor
equity in the company.
Bahamas Expansion
As economic conditions force larger carriers to abandon smaller
destinations, Twin Air Calypso is analyzing these destinations for
future operations. Along those lines, the company is actively
researching the possibility of expanding its relationship with one
of their current alliances.
Forward-Looking Statements: Certain statements contained in this
release issued by AvStar Aviation Group, Inc. (the "Company") that
are not historical facts are "forward-looking" statements within
the meaning of Section 21E of the Securities and Exchange Act of
1934, and because such statements involve risks and uncertainties,
actual results may differ materially from those expressed or
implied by such forward-looking statements. Forward-looking
statements are statements regarding the intent, belief, or current
expectations, estimates, or projections of the Company, its
directors, or its officers about the Company and the industry in
which it operates and are based on assumptions made by management.
Although the Company believes that its expectations are based on
reasonable assumptions, it can give no assurance that the
anticipated results will occur. When issued in this report, the
words "expects," "anticipates," "intends," "plans," "believes,"
"seeks," "estimates," and similar expressions are generally
intended to identify forward-looking statements.
Contact:
Clayton I. Gamber Jr.
President/CEO
Phone: 713-965-7582
http://www.avstarinc.com
cgamber(at)avstarinc(dot)com
SOURCE AvStar Aviation Group, Inc.