News Column

Quasar Provides Corporate Update

Sep 28 2012 12:00AM

Marketwire

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JACKSONVILLE, FL -- (Marketwire) -- 09/28/12 -- Quasar Aerospace Industries, Inc. (PINKSHEETS: QASP) -- Quasar is pleased to provide this update to its shareholders and the investment community. The following details recent issuances of securities to its officers and directors as well as changes in management structure we believe will be beneficial to the Corporation. We are extremely pleased to add Mr. Jimmie Carter as Chief Financial Officer to our management team. His past experience with public and private companies will enable us better detail our financial position to our shareholders.

Unregistered Sales of Equity Securities.

1. On February 7, 2012, Quasar Aerospace Industries, Inc. held a Special Meeting of the Board of Directors and unanimously adopted a resolution issuing four and a half (4,500,000) million common shares of Quasar Aerospace Industries, Inc. to Joseph Canouse and/or his assignees to be issued, distributed or reserved, in consideration of twenty-two thousand, five hundred and ninety-seven dollars ($22,597.00) as past personal contributions by Joseph Canouse and past services as Chief Executive Officer and earning due to him in the sum of ninety thousand dollars ($90,000.00); and

2. On February 7, 2012, the Board during the Quasar Aerospace Industries, Inc. Special Meeting of the Board of Directors recognized that Joseph Canouse assigned the four and a half (4,500,000) million common shares of Quasar Aerospace Industries, Inc. issued to him to Get Wings, Inc., a non-profit corporation which Joseph Canouse is establishing for the purpose of providing scholarships for Veterans and active duty military service member to allow these individuals to obtain FAA certifications and to service the local community.

3. On September 13, 2012, Quasar Aerospace Industries, Inc. held a Special Meeting of the Board of Directors and unanimously adopted a resolution issuing nine million (9,000,000) common shares of Quasar Aerospace Industries, Inc. to Joseph Canouse and/or his assignees to be issued, distributed or reserved, in consideration of past services as Chief Executive Officer for earnings due to him in the sum of forty-five thousand dollars ($45,000.00).

4. On September 26, 2012, Quasar Aerospace Industries, Inc. held a Special Meeting of the Board of Directors and unanimously adopted a resolution issuing five million (5,000,000) common shares of Quasar Aerospace Industries, Inc. to William Cirmo and/or his assignees to be issued, distributed or reserved, in consideration of past services as an officer of subsidiaries of Quasar Aerospace Industries, Inc. and now as Chief Operating Officer of Quasar Aerospace Industries, Inc. for earnings due to him in the sum of ten thousand dollars ($10,000.00).

5. On September 26, 2012, Quasar Aerospace Industries, Inc. held a Special Meeting of the Board of Directors and unanimously adopted a resolution issuing five million (5,000,000) common shares of Quasar Aerospace Industries, Inc. to Donnell J. Vigil and/or her assignees to be issued, distributed or reserved, in consideration of past services as Corporate Secretary and now as President of Quasar Aerospace Industries, Inc. for earnings due to her in the sum of ten thousand dollars ($10,000.00).

6. On September 26, 2012, Quasar Aerospace Industries, Inc. held a Special Meeting of the Board of Directors and unanimously adopted a resolution issuing two and a half million (2,500,000) common shares of Quasar Aerospace Industries, Inc. to Jimmie N. Carter and/or his assignees to be issued, distributed or reserved, in consideration for accepting the position as Chief Financial Officer of Quasar Aerospace Industries, Inc. in the sum of five thousand dollars ($5,000.00).

7. All of the foregoing issuances of common shares of Quasar Aerospace Industries, Inc. were issued as restricted shares and utilized the standard 144 legend as follows:

"THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 ("THE ACT") AND ARE "RESTRICTED SECURITIES" AS THAT TERM IS DEFINED IN RULE 144 UNDER THE ACT. THE SHARES MAY NOT BE OFFERED FOR SALE, SOLD OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT, OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE ACT, THE AVAILABILITY OF WHICH IS TO BE ESTABLISHED TO THE SATISFACTION OF THE COMPANY."

Corporate Governance and Management. The following is EFFECTIVE SEPTEMBER 26, 2012 for Quasar Aerospace Industries, Inc.:

8. On September 26, 2012, Jimmie N. Carter was elected as Chief Financial Officer of Quasar Aerospace Industries, Inc.;

9. On September 26, 2012, Donnell J. Vigil was elected as President of Quasar Aerospace Industries, Inc. and will remain Corporate Secretary and a member of the Board of Directors of Quasar Aerospace Industries, Inc.;

10. On September 26, 2012, William Cirmo was elected as Chief Operating Officer of Quasar Aerospace Industries, Inc. and will remain a member of the Board of Directors of Quasar Aerospace Industries, Inc.;

11. On September 26, 2012, Joseph Canouse will remain Chief Executive Officer of Quasar Aerospace Industries, Inc. and a member of the Board of Directors and will no longer serve as President of Quasar Aerospace Industries, Inc.;

12. As of September 26, 2012, the following individuals are Officers of Quasar Aerospace Industries, Inc.: Joseph Canouse, Chief Executive Officer; Donnell J. Vigil, President and Corporate Secretary; William Cirmo, Chief Operating Officer; and Jimmie N. Carter, Chief Financial Officer; and

13. As of September 26, 2012, the following individuals are members of the Board of Directors of Quasar Aerospace Industries, Inc.: Joseph Canouse; Donnell J. Vigil; William Cirmo; Scott Martin; and James Ray.

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





Source: Marketwire


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