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incorporated in the State of Arizona, the current operating subsidiary of AZAA to be spun out as a separate company, with the current shareholders of record of AZAA to be issued 4 million shares (40%) on a pro-rata basis in the spun-out company.
Bohringer further explained that all shareholders of record of AZAA will receive a "dividend" in shares in the new Arizona Aircraft Spares, Inc.
Therefore, AZAA has taken aggressive steps to complete an acquisition of certain assets of 1CellNet, L.
Management expects that the current AZAA shareholders will receive pro rata 40% of the newly spun out company.
Vito Peppitoni, President and CEO of AZAA, stated, "I believe the purchase of 1CellNet assets and book of business will immediately benefit AZAA's overall operations and will accelerate our company's five-year sales projections (previously established at $50 million in the fifth year) in less than half the time.
John Bohringer, 1CellNet's spokesperson stated "Consummation of this transaction is expected to result in a restructuring of revenue producing assets into AZAA which is a company that can capitalize on the U.
In relation to the contractual agreement between AZAA and Wolfe and Turner, the company is currently of the position that funds may not be forthcoming.
AZAA undertakes no obligation to update "forward-looking statements" to reflect subsequently occurring events or circumstances or to reflect unanticipated events or developments.
AZAA has identified two potential acquisition targets that are specialists in the military aerospace industry and who are geographically located in the Southwest U.
Peppitoni went on to state, "The Company's acquisition strategies for these two targets and possibly other smaller ones would enable AZAA to reach its 5 year $53 million sales projections on an accelerated schedule.
This loan will enable AZAA to bid on even larger Department of Defense military spare parts contracts by demonstrating our financial ability to build the aircraft spare parts once the bid has been accepted," says Vito Peppitoni Chief Executive Officer of AZAA.
Peppitoni, CEO and president of AZAA, stated, "After receiving the company's OTCBB trading symbol today, everyone at AZAA is both excited and prepared for a new era after 14 years of private business operations.