undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances or to reflect unanticipated events or developments.
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.
Vito Peppitoni, President and CEO, stated, "I believe the actions that will be taken by AZAA
following these negotiations will be a huge benefit to AZAA
's current and future shareholder base by the purchase of the telecommunications company's assets.
reported increased revenues of $318,532 for the quarter ended March 31, 2004, up over 413% from $77,089 in the quarter ended March 31, 2003.
Vito Peppitoni, AZAA
's President and CEO, stated that, "While the second phase of due diligence and the negotiations to increase the loan has somewhat delayed the initial $6 million capital infusion, the delay has produced new opportunities for AZAA
and its shareholders.
is currently completing the due diligence phase and anticipates that funding will occur prior to December 1, 2003.
1, 2003, its trading symbol has been changed to AZAA