Quasar Aerospace Announces Progress in Its Funding Program

The CEO of Quasar Aerospace Industries, Inc. (PINKSHEETS: QASP), Dean Bradley, announces that Newby and Associates has confirmed the successful closing of the necessary collateral required in the cross collateralization financing structure being provided for Quasar Aerospace Industries, Inc.

This closing occurred in four days, which is one day earlier than previously announced. This collateral is in excess of ten million dollars ($10mm), and will be sufficient to secure the investment grade assets that shall be pledged to back the initial ten million dollar ($10mm) loan in the one hundred and ten million dollar ($110mm) financing package being provided to Quasar Aerospace Industries, Inc. by Newby and Associates.

Newby and Associates expects the closing of the investment grade collateral from the US based Trust company within the next 5 business days, after which the funding to Quasar Aerospace Industries, Inc. will take place no later than 7 banking days thereafter.

 



Source: Airline News Resource / Nevistas


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