Quasar Corporate Announcement

 

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.

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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.

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