GRAYSON, Texas, Dec. 22, 2006 (PRIME NEWSWIRE) -- Tactical Air Defense Services, Inc. (OTCBB:TADF) today announced that the Company has completed an acquisition of all of the assets of AeroGroup Incorporated (Pink Sheets:AROU) pursuant to the Asset Purchase Agreement entered into in July of 2006.
In consideration for the assets acquired, the Company issued 14,989,800 shares of restricted common stock to AeroGroup Incorporated, and assumed approximately $9 million of AeroGroup's convertible indebtedness as well as other obligations, including military and non-military aviation contracts.
The Company's management intends to use the assets acquired to fulfill certain of the government contracts and to provide aviation support to the U.S. Military and other allied nations.
Commenting on the acquisition, Charles Searock, President of Tactical Air Defense Services, stated, "This acquisition represents a significant milestone for Tactical Air Defense Services. We are very optimistic that with the assets and experienced management and skilled personnel that we have assembled, we are positioning ourselves to provide world-class commercial tactical aviation training services."
The assets acquired by the Company include:
-- Two MiG 29 fighter jet aircraft, which are located in the Ukraine
and are being prepared to be shipped to the United States;
-- Four Singer Link tactical jet simulators located at the Company's
facility at the Grayson County Airport;
-- Assignments of copyrights to a specialized F-16 Fighter Aircraft
training course syllabus;
-- Assignments of provisional applications for utility patents filed
relating to methods of operational training uses of fighter
aircraft by civilian corporations;
-- Assignment of a Federal Aviation Administration issued license as
an Aircraft Dealer;
-- Rights as assignee, under three subcontracts and a direct contract,
to provide combat, primary and other flight training, as well as
training research, to military personnel of the U.S. Armed Forces
and to the armed forces of certain NATO aligned countries;
-- Assignment of a sublease of facilities at the Grayson County
Airport in Grayson, Texas, including aircraft hangars, land and
office space;
-- Assignment of an option to enter into an exclusive agreement to
lease IL-78 tanker aircraft.
A complete copy of the description of the acquisition along with financial statements of the Company, can be found in the Company's 8-K/A filed with the Securities & Exchange Commission on December 21, 2006.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although we believe that the expectations and assumptions upon which they are based are reasonable, we can give no assurance that such expectations and assumptions will prove to have been correct. Some of these uncertainties, include, without limitation, the company's ability to perform under existing contracts or to procure future contracts. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including without limitation, successful implementation of our business strategy and competition, any of which may cause actual results to differ materially from those described in the statements. We undertake no obligation and do not intend to update, revise or otherwise publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of any unanticipated events. Although we believe that our expectations are based on reasonable assumptions, we can give no assurance that our expectations will materialize. Many factors could cause actual results to differ materially from our forward-looking statements.