JACKSONVILLE, Fla.,
Dec. 1, 2011 /PRNewswire/ -- Quasar
Aerospace Industries, Inc. (Pinksheets: QASP)
Quasar is pleased to announce it has by unanimous consent of the
full board issued nine hundred and ninety-five thousand (995,000)
Series A Preferred shares to various members of the management and
board in consideration of past contributions and continued services
at a board meeting held on November
29, 2011. While these shares dilute the current
holders of the Series A class, they do not dilute the common
shareholders. Furthermore the board resolved to consider
proposing a revision of the conversion feature in the near future
to represent a more equitable distribution of ownership to other
classes of shareholders. A meeting of all the Series A
Preferred shareholders would be required to do so and in that event
one would be called. Lastly on this matter, the process of
calling a shareholders' meeting will be presented to the Court for
consideration at the suggestion of and by appearance of
Dean Bradley.
The Corporation continues to pursue all avenues of recovery of
corporate assets and has recently amended its complaint against its
former CEO, Jeff DiGenova, to
include as a Defendant the public company Mr. DiGenova is President
of, NHS Health Solutions, Inc., for tortious interference of a
business and contractual relationship the company had with
Mineseeker. Furthermore, the Corporation is reviewing several
alternative actions to recovery for this investment and others.
Quasar's recent legal action sought clarification from the court
so as to properly identify and name the current management and
board who are authorized to act on behalf of the Corporation.
Previous interference has made it difficult for the Corporation in
dealing with collections, recovering assets and regulatory
bodies. This motion to clarify should resolve these issues
and allow us to eliminate any confusion and has been granted by the
Court.
Quasar will continue to update our shareholders and the
investment community as events unfold.
Contact: Quasar Aerospace Industries, Inc.
(904) 378-3259
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.
SOURCE Quasar Aerospace Industries, Inc.