CARSON CITY, Nev., Oct. 12, 2010 (GLOBE NEWSWIRE) -- Tactical Air Defense Services, Inc. (OTCBB:TADF), an Aerospace/Defense Services contractor that offers tactical aviation services, aerial refueling, aircraft maintenance, disaster relief services, and other Aerospace/Defense services to the United States and Foreign militaries and agencies, is pleased to announce that it has received a $500,000 financing commitment from TCI Global Trading Limited ("TCI") to fund the transaction financing provision of the Tactical Air Support, Inc. ("Tac-Air") acquisition.
As previously disclosed by TADF in the Letter of Intent (the "LOI") signed by TADF and Tac-Air on May 20, 2010 in connection with the acquisition of Tac-Air by TADF (the "Transaction"), TADF committed to provide transaction financing of $500,000 as a condition to closing the Transaction. Pursuant to a financing agreement between TADF and TCI, TCI has agreed to purchase 50 million shares of restricted stock of TADF at one cent ($0.01) per share for aggregate proceeds to TADF of $500,000.
TCI Global Trading Limited is a Merchant Banking firm based in the Turks and Caicos that finances high-growth public companies with its own capital and the capital of its investing partners. TCI is currently a shareholder of TADF.
Tac-Air, , is a highly regarded Aerospace/Defense Services contractor founded by a group of former Navy, Marine, and Air Force Weapon's School Instructors. Tac-Air has won and successfully executed multiple Aerospace/Defense contracts awarded by divisions of the U.S. Department of Defense.
Alexis C. Korybut, Chief Executive Officer of TADF, stated, "We are very pleased that TCI has expressed its opinion on TADF and its planned acquisition of Tac-Air through a $500,000 financing commitment at an above-market purchase-price of $0.01 per share. This financing commitment brings TADF one important step closer to closing the acquisition of Tac-Air, which we believe will add tremendous value to TADF and its shareholders."
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Forward Looking Statement Disclosure
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.
CONTACT: The WSR Group Investor Relations Contact: Gerald N. Kieft (772) 219-7525 IR@theWSRgroup.com www.theWSRgroup.com