LOS ANGELES, May 21, 2003 (PRIMEZONE) -- CARCORP USA Corporation, a Delaware Corporation (OTCBB:CUSA), announced today that the merger with Elite Flight Solutions is scheduled to close on May 27, 2003.
On May 6th, 2003, CARCORP USA announced that majority shareholders had approved the merger and additionally, the Information Statement and Notice of Actions Taken by Written Consent of the Majority Stockholder had been mailed to shareholders of CARCORP USA common stock.
Once the merger is completed, a Company name change to Elite Flight Solutions as well as a ticker symbol change will occur. At the close of the transaction, CARCORP USA will acquire complete ownership of Elite Flight Solutions.
Mr. Michael DeMeo, CEO of Carcorp USA stated, "The market for charter jet services has never looked better. This merger is indicative of our intent to capitalize on the strength of Elite Flight Solutions and build a world-class transportation company." DeMeo added, "We expect this merger to return the company to profitability and restore value for our shareholders."
Elite Flight Solutions shares the market space with companies like Flight Options, Inc., which is partially owned by Raytheon Travel Air, a Wichita, Kansas-based unit of Raytheon Company (NYSE:RTN), NetJets and Blue Star Jets, among others.
About Elite Flight Solutions
Elite Flight Solutions has one of the most extensive networks of charter jets in the private aviation industry, providing a one-stop-shop for client air charter needs. Additionally, service agents are on call 24 hours a day to handle any request, from booking a last minute flight to full concierge service. Elite Flight Solutions charter service is available in excess of over 5,000 airports nationwide.
For further information on Elite Flight Solutions Inc. go to http://www.flyjets.biz a division of Elite Flight Solutions Inc.
Forward-Looking Statements:
Statements about the company's future expectations, including revenues and earnings and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Capital Securities Act of 1933, section 21E of the Securities Exchange act of 1934, and as the term defined in the Private Litigation Reform Act of 1995. The Company's actual results could differ materially from expected results. The company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances. Should events occur which materially affect any comments made within this press release, the company will appropriately inform the public.
For investor relations please contact Investor@Carcorpusa.com or Fly Jets.Biz at 866-FLY-JETS.