DALLAS, Oct. 22, 2007 (PRIME NEWSWIRE) -- Tactical Air Defense Services, Inc. (OTCBB:TADF), a provider of air combat training, mid-air refueling, aerial water-bombing, and other airborne support services, is pleased to announce that 4,000,000 shares of its Series A Preferred Stock have been retired by the company.
The cancellation of the preferred shares comes as a result of an Agreement and Mutual General Release entered into between the company and a former shareholder. Additionally, the shareholder has agreed to waive payment of the accrued dividends in the amount of $150,356.16, waived rights to any future dividends, and has relinquished any rights to future distributions issued in connection with the shares.
Alexis Korybut, CEO of Tactical Air Defense Services, Inc., states, "The company has been taking proactive steps to build shareholder value. We have recently raised additional capital, formed a strategic advisory board, and added new board members and management. The retiring of the 4 million preferred shares reduces dilution to our stock holders and improves our capital structure moving forward."
The 4,000,000 shares of Series A Preferred Stock have been cancelled and returned as treasury stock of the company.
Financial information and press releases are available by going to the company's web site - www.tads-usa.com.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although we believe that the expectations and assumptions upon which they are based are reasonable, we can give no assurance that such expectations and assumptions will prove to have been correct. Some of these uncertainties include, without limitation, the company's ability to perform under existing contracts or to procure future contracts. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including without limitation, successful implementation of our business strategy and competition, any of which may cause actual results to differ materially from those described in the statements. We undertake no obligation and do not intend to update, revise or otherwise publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of any unanticipated events. Although we believe that our expectations are based on reasonable assumptions, we can give no assurance that our expectations will materialize. Many factors could cause actual results to differ materially from our forward-looking statements.