LevelStock.com: AvStar Aviation Group Announces Amended LOI for Acquisition of Twin Air Calypso

AvStar Aviation Group, Inc. (PINKSHEETS: AAVG) proudly announced yesterday an amended Letter of Intent (LOI) for the purchase of Twin Town Leasing Co., d/b/a Twin Air Calypso in Fort Lauderdale, Florida. Twin Town Leasing Co. had signed an original LOI to sell to AvStar in January 2010; the amendment extends the agreement until June 15, 2010 allowing AAVG to complete financial arrangements and to obtain necessary financing. The current purchase price in the LOI is $3.5 million, and Twin Air Calypso and AvStar are currently discussing the ways in which the purchase price will be paid, which include an expected cash down payment with the remainder of the purchase price being paid in the form of promissory notes or AvStar stock. The consummation of the acquisition is subject to a number of customary conditions, including, without limitation, that definitive documentation has been signed and AvStar has secured acquisition financing.

Twin Air Calypso has serviced south Florida and the Bahamas for over 50 years. Family owned and operated, it supports a fleet of 7 twin engine aircraft with full maintenance - repair and overhaul (MRO) and fixed-base operations (FBO) facilities. This project has estimated revenue of $4.5 million plus for AvStar in 2010; with a $3.2 Million that AvStar can include in their 2010 financials. Also, Twin Air Calypso comes with an extensive client network and an experienced management team to sustain and grow revenues over time. Earlier this year, a newly-formed, wholly-owned subsidiary of AvStar acquired from Miami Aviation Maintenance Company (MAMCO), an affiliate of Twin Air Calypso, lends certain assets used to provide aviation maintenance, repair and overhaul ("MRO") services.

This LOI represents a move forward with AvStar's original business plan. AvStar wishes to buy this type of small, independent operation in order to extend its services and products to a growing network of corporate and government clients. Through Twin Air Calypso, AvStar will provide charter service to the Bahamas as well as extend its maintenance services and facilities to the east coast.

The addition of Twin Air Calypso will introduce AvStar as a luxury destination provider to one of the wealthiest areas in the nation. Historically, the small fleet has serviced corporate clients taking vacations, Bahamians doing business in the United States, and shipping cargo to the Bahamas from the United States. Twin Air Calypso also helped relief efforts in the Bahamas after hurricane Floyd. Despite its relative small size, Twin Air Calypso serves a wealthier class of flyers and exporters, which could enhance the AvStar brand within target markets of both passengers and providers in the second-tier aviation sector.

About AvStar Aviation: AvStar Aviation Group, Inc. ("AvStar") has a main focus on acquiring, consolidating, and growing businesses in the aviation industry. Also, the company is focusing on acquiring and/or developing companies that provide products and services for the general aviation service business. For more information please visit, www.avstargroup.com

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.

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