JACKSONVILLE, FL--(Marketwire -06/14/12)- Quasar Aerospace Industries, Inc. (QASP) is pleased to announce that in a meeting of the majority of Series A Preferred shareholders, a motion to amend the certificate of designation was approved. The Series A Preferred shares will be amended so that a majority of the Series A Preferred shareholders will represent a voting majority, but the economic value of each share will convert at one hundred dollars per share ($100.00) and accrue an interest rate of twelve percent (12%) starting on July 1, 2012, until converted.
The prior conversion feature has been a source of concern for current and potential investors as well as an open deficiency in our capital structure. Prior to this action the common shareholders represented only one seventh of the company after the full conversion of the Series A Preferred shares.
As a result of this the Corporation will look to further reduce its authorized shares in the near future. As of today there are no changes in the common share structure. Quasar 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). 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.