CARSON CITY, Nev. , Oct. 13, 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 $5,000,000 financing commitment from Crown Pacific Advisors, LLC to fund the purchase of military aircraft and related assets.
Pursuant to an asset purchase agreement, Tactical Air Defense Services, Inc. (“TADF”) intends to use the $5,000,000 to purchase certain military fighter jets, related parts, and jet engines to capture new tactical aviation service contracts and maintenance service contracts, with both the U.S. Department of Defense and foreign militaries.
TADF management believes that when fully operational and under contract, the aircraft may add between $9,000,000 and $13,500,000 in the aggregate per year to its top-line revenue.
In addition, TADF anticipates that the aircraft, related parts, and jet engines may add approximately $24 million of assets to its balance sheet, as well as provide additional cash-flows to the Company from sales of surplus spare parts and jet engines.
TADF management believes that it may begin to generate cash-flows from contract revenues and asset sales no later than the first quarter of 2011, although it is possible that some of the aircraft will be operational and generating revenue under contract before year-end 2010.
The military aircraft that TADF intends to purchase are cost effective, low-maintenance, and extremely versatile fighter jets that can be used to provide a tactical support role as an air to ground close air support training platform or dissimilar air combat training aircraft , in support of tactical aviation contracts.
Crown Pacific Advisors, LLC is a Merchant Bank specializing in the financing of aviation assets. Crown Pacific Advisors is not a shareholder of TADF.
Alexis C. Korybut , Chief Executive Officer of TADF, stated, “We believe the $5,000,000 financing commitment from Crown Pacific for the purchase of these aircraft and related assets is a watershed event for TADF.The acquisition of these fighter jets will enable TADF to bid on larger and more profitable tactical aviation contracts and aircraft maintenance contracts, and the sale of any surplus spare parts and engines may provide a significant source of income to TADF for years to come, in addition to materially increasing the assets on our balance sheet.”
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