Quasar Settles Litigation With NHS Health Solutions
JACKSONVILLE, FL -- (Marketwire) -- 01/16/13 -- 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
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
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:
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.
Contact Quasar Aerospace Industries, Inc.
Telephone: (904) 207-6503
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