Quasar Settles Litigation With NHS Health Solutions
January 16 2013 - 8:32AM
Marketwired
Quasar Aerospace Industries, Inc. (PINKSHEETS: QASP) is pleased to
announce that the Corporation has settled the current litigation by
and between Quasar Aerospace Industries, Inc., NHS Health
Solutions, Inc., and individually Jeffrey DiGenova and Joseph
Canouse. The Corporation has released NHS Health Solutions, Inc.
and Mr. DiGenova from the pending litigation and the Corporation
has been released by Mr. DiGenova and NHS Health Solutions, Inc.
from any related counterclaims in exchange for the control block,
beneficial ownership and proxy of such in NHS Health Solutions,
Inc. (NHSH-OTC). Further agreements to settle outstanding demands
and claims by Quasar will be forthcoming and structured so as to
provide benefit to Quasar and its shareholders while also providing
NHS Health Solutions, Inc. the chance to move forward without the
threat of further litigation. The release provides for the
immediate resignation of the current board and management of NHS
Health Solutions, Inc. and the appointment of representatives of
Quasar as the officers and directors of NHS Health Solutions, Inc.
This settlement will allow the focus to be on monetizing the
investments made by both parties in Mineseeker in acquiring the
technology for mine detection and mapping and field testing it
through live demonstrations. This was part of the original promise
that Quasar represented to its shareholders who will through this
action still benefit and participate in the opportunity Mineseeker
represents. We look forward to working with the Mineseeker team in
securing an initial contract. Additionally, NHS Health Solutions,
Inc. as a corporation will, in the short term, enter into a new
agreement with a transfer agent, update its profile and issuer
information statement with OTCMarkets.com and file a request for a
name change with FINRA. Management from both companies agreed that
this settlement was not just for the benefit of their companies,
but more importantly, was to the benefit of their respective
shareholders and investors.
The release of this litigation will allow Quasar to build and
expand on the opportunities afforded it without the risk or costs
associated with the countersuit and provide some value for the
Corporation's previous loan to Mineseeker and ownership of common
shares.
We will continue to update our shareholders and the investment
community as events unfold.
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.
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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