Advanced Defense Technologies Announces LOI to Acquire Star Jets International
ANAHEIM, CA and NEW YORK, NY--(Marketwired - September 09, 2017) - Advanced Defense Technologies, Inc. (OTC PINK: ADCF) is pleased to announce that it has signed a letter of intent (the "LOI") to acquire Star Jets International, LLC (www.starjetsintl.com), a leading provider of private jets booking, brokerage and software solutions. Under the terms of the LOI, shareholders of ADCF will retain approximately 10% ownership and the new shareholders will own approximately 90% of the equity. The parties anticipate executing a definitive agreement within the next 30 days and closing within 45 days after certain filings are made with the U.S. Securities and Exchange Commission and/or FINRA.
The closing of the transaction is also subject to other customary closing conditions which must be fulfilled or waived by the parties.
"We are pleased to enter into this LOI to combine with Star Jets International," said Anne Tahim, CEO of ADCF. "We believe that the proposed transaction will create significant future value for our shareholders and other stakeholders."
About Advanced Defense Technologies, Inc.:
Advanced Defense Technologies, Inc. develops innovative system technologies for the military defense and homeland security industries. The Company's system design technology has been developed under several SBIR Programs with Government Agencies including the US military (USAF, ARMY, NAVY and MDA), NASA, DARPA and a prestigious defense contractor (Phillips Labs).
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company's SEC filings. These risks and uncertainties could cause the company's actual results to differ materially from those indicated in the forward-looking statements.
Advanced Defense Technologies, Inc.