Thu, Sep 01, 2011
But Company Has Been Down This Road Before
Quasar Aerospace Industries said in a news release Tuesday that
their wholly owned subsidiary, Atlantic Aviation, Inc. has entered
into a letter of intent to acquire a flight school that is a VA
qualified FAA 141 air agency. The target acquisition is an
operating business with assets which will be included in the
acquisition. The Corporation felt it was imperative to enter into
this agreement in light of ongoing cutbacks at the FAA due to
recent funding delays. This acquisition will rectify the
Corporations inability to execute its business plan due to lack of
certification, and carry out other opportunities on the immediate
horizon for Quasar and Atlantic.
Upon entering into a Purchase Agreement, Atlantic says it will
be able to capture revenues it currently is not able to, and enter
into other agreements being negotiated, the terms of which have not
been disclosed. The Corporation says it will discuss the economics
of the acquisition in a further release detailing the reasons it
feels this move will mark a decided turnaround for the
Corporation.
Quasar says it will also be sending a request to the Defendant
and Court simultaneously to approve this acquisition along with the
economic reasons and rationale behind it.
The very vague news release announcing the acquisition may not
be a surprise to those who have followed the company, which has not
been without its controversy. Based at Herlong Airport in
Jacksonville, FL, it says it does aircraft maintenance, and
operates a flight school, Atlantic Aviation, at the airport. The
company had announced in 2009 that it planned to expand through a
series of acquisitions which never materialized. In February of
this year, the company's records were subpoenaed by a federal grand
jury, but details of the investigation were not released. At that
time, according to a report in the Florida Times-Union,
then-CEO Jeff DiGenova alerted shareholders via the Internet that
he had contacted state and federal authorities concerning "alleged
fraudulent business activities by prior management." As recently as
June, Quasar was embroiled in a dispute over its control. The
Florida Times-Union reported that the dispute was between
recently-appointed CEO Joseph Canouse and DiGenova. The company is
currently under the leadership of Canouse, and the legal dispute
has not yet been resolved.
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