HOUSTON, Oct. 12, 2011 /PRNewswire/ -- AvStar Aviation Group, Inc. (AvStar) (OTCQB: AAVG) today released the following company update concerning current operations.
DOT Commuter Authority
Twin Air Calypso Limited, Inc. received the first request for additional information from the DOT in mid-September. The nature of the requests was as expected; the responses are being finalized and will be forwarded to the DOT on Friday October 14, 2011.
The application by Twin Air Calypso Limited, Inc. for its Cuban authority is still being processed by OFAC. The company's intention is to open a market from the Ft. Meyers/Naples area. This market has just recently opened for Cuba travel via the Regional Southwest International Airport and inquiries to the local Cuban-American population has shown a market exists that is suited to our size of operation. Until Twin Air Calypso receives their authority, the company is negotiating with one of their strategic partners to begin this service using their Cuba Authority to quickly open this market. Further details of the company's plans and projections are being gathered at this time and will be released shortly.
Twin Air Calypso Travel Club
The company plans to begin issuing the "TwinBucks" card the week of October 17, 2011. The card can be used by our customers for Twin Pack purchases and have the ability to add credit for freight, excess baggage, and other Twin Air Calypso services. The customer will be able to monitor their account on-line and purchase services remotely. As an expansion of the card the company will be introducing the "Twin Air Calypso Travel Club". The club will offer various levels of membership having privileges and discounts based upon monthly dues or a minimum cash balance maintained on their "TwinBucks" card.
The company is currently negotiating with a private investor to retire the company's convertible notes. Details will be announced as they become available.
The company has been in contact with several private investors, seeking to place cash investments into the company to aid its current efforts of expanding our operations as well increasing the size and capacity of aircraft. The company will continue to keep shareholders updated as further details of these negotiations become available.
The company continues to pursue other opportunities to increase operations, expand coverage areas increase revenues, and investor equity in the company.
As economic conditions force larger carriers to abandon smaller destinations, Twin Air Calypso is analyzing these destinations for future operations. Along those lines, the company is actively researching the possibility of expanding its relationship with one of their current alliances.
Forward-Looking Statements: Certain statements contained in this release issued by AvStar Aviation Group, Inc. (the "Company") that are not historical facts are "forward-looking" statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, and because such statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements are statements regarding the intent, belief, or current expectations, estimates, or projections of the Company, its directors, or its officers about the Company and the industry in which it operates and are based on assumptions made by management. Although the Company believes that its expectations are based on reasonable assumptions, it can give no assurance that the anticipated results will occur. When issued in this report, the words "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," and similar expressions are generally intended to identify forward-looking statements.
Clayton I. Gamber Jr.
SOURCE AvStar Aviation Group, Inc.