QASP News
Quasar Provides Corporate Update
2012-07-18 09:05 ET - News Release
JACKSONVILLE, FL -- (Marketwire) -- 07/18/12
Quasar Aerospace Industries, Inc. (PINKSHEETS: QASP) is pleased to provide this update to its shareholders and the investment community.
The Corporation would like to update its progress on their application with Homeland Security for the SEVIS program which will allow Quasar to sponsor non-US citizens to receive training in its related programs.
Mr. Bill Cirmo, our nominal Chief Operating Officer, is in Colorado Springs this week, for our initial interview with Homeland Security for our application and will be back in Jacksonville, FL for an interview regarding our Jacksonville, FL location next week. While the Corporation anticipated the process would entailed a minimum of six months we now anticipate a quicker review.
As previously announced the SEVIS application approval will allow Quasar to sponsor non-US students for flight training programs and has been part of the business opportunity the Corporation has been set up to pursue. Quasar anticipates, upon approval, a minimum of five new students per month or sixty students in year one in this program. At roughly fifty five thousand dollars ($55,000.00) with sizable margins this will mark a drastic change for the Corporation. Upon approval, and with a number of applicants in the queue, Quasar believes it will see revenues exceeding three million dollars ($3,000,000.00) within twelve months after acceptance.
In addition, A-Cent has completed the staff training and the site inspection required to become certified as a Computer Assisted Testing Service (CATS) test facility. Bill Cirmo, Director of Operations, Donnell Vigil, Director of Administration and Joshua Haines, FAA Advanced Ground Instructor, all completed the day long training course conducted on site by the CATS Vice President who was so impressed with the layout and decor of the newly constructed testing center, that he is recommending the site for inclusion in the Non-Aviation Test program. This will allow the testing center to administer tests to a myriad of other industries thereby increasing its profit potential.
Further, Quasar is consulting with its attorneys and the board to amend the preferred shares as previously announced. The Corporation believes these changes will ensure and enable current and potential investors to be able to evaluate their investment in the Corporation more accurately than in the past. Once amended and filed we will update our shareholders and the investment community.
Lastly, and in response to many inquiries by our shareholders, to current legal action we offer this update. The Corporation will be in court on March 18th, on a number of issues. Primarily we are seeking a summary judgment dismissal of actions brought by the Defendant Mr. Digeonorva on the two counts he has against the Corporation. Further to that, Quasar will be seeking a dismissal of the restrictions set upon it by the Court. This will allow the Corporation to pursue the opportunities available to it and grow as fit.
