Quasar Settles Litigation With NHS Health Solutions
JACKSONVILLE, FL--(Marketwire - Jan 16, 2013) - 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.
