DALLAS, June 18, 2008 (PRIME NEWSWIRE) -- Tactical Air Defense Services, Inc. (OTCBB:TADF) is pleased to announce that its creditors have agreed to convert all their outstanding Convertible Promissory Notes, cancel all their outstanding Warrants, and the Company has retired an additional $2,200,000 Promissory Note to Cambar & Associates.
As of June 17, 2008, TADF had approximately $7,500,000 of Convertible Promissory Notes and associated Warrants, and a Note for $2,200,000 to Cambar & Associates. With the conversion of the Convertible Promissory Notes and the retirement of the Cambar Note, TADF will be a debt-free corporation other than miscellaneous accounts payable and liabilities derived from the ordinary normal course of operations.
Mark Daniels, the CEO and founder of TADF said, "The removal of all outstanding debt and warrants from the books of the Company is an important milestone for TADF, and will enable us to better move forward with our business of providing air combat training and aerial water-bombing."
TADF is a provider of air combat training, mid-air refueling, aerial water-bombing, and other airborne support services to U.S. and foreign agencies including the U.S. Department of Defense and the defense departments of its allies.
The Company has been pursuing government contracts and exploring new business opportunities while working to secure the financial resources and capital necessary to execute its business strategy.
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.