On Thursday August 11, 2011, Tactical Air Defense Services, Inc. (PINK:TADF), an Aerospace/Defense Services contractor, extensively involved in the provision of tactical aviation services, aerial refueling, aircraft maintenance, and other Aerospace/Defense services to the United States and Foreign militaries and agencies, annunciated the receipt of additional $200,000 of financing from Cornucopia, Ltd. based in Turks and Caicos Islands, is a specialist in providing financial support to micro-cap growth companies.
TADF was required to contribute $315,000 in corporate funding to Tac-Air, a renowned aerospace/defense services contractor founded by a group of former U.S. Navy, Marine, and Air Force Weapon’s School Instructors, in connection with the recently announced binding letter of intent (LOI) with Tactical Air Support, Inc. in order to obtain a military contract and to acquire the right to purchase ten percent of the outstanding equity of Tac-Air. The additional fund which is received and the fund which was previously provided by Cornucopia Ltd. made it possible for TADF to successfully execute the aforementioned endeavor.
Consequent to the victory of the LOI in the bid, TADF and Tac-Air shall be subjected to 30/70 share of all future profit procured from Military Contract, which is expected to be considerably lucrative for both TADF and Tac-Air throughout the term of the Military Contract.
While the military contract is in operation, if the companies decide to close the merger, the financial benefits will be inured to the combined company. From a previous filing of TADF with the United States Securities and Exchange Commission, it has been revealed that the concerned parties had entered into an agreement and plan of merger , however the merger did not close before the expiry of the term and hence the agreement ceased to exist.
Alexis C. Korybut, Chief Executive Officer of TADF, exclaimed their gratitude to Cornucopia Ltd for providing the additional fund which will enable them to pursue an important Military Contract and help them to acquire an initial 10% of Tac-Air. He further stated that the joint venture between both the parties will facilitate the growth of revenue provided they are successful in the bid. It would also enhance the competing ability to acquire additional contracts from both the U.S. and foreign militaries.
Shares of TADF jumped 4.35% to $0.0024 on over 4.39 million shares.
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