Tactical Air Defense Services Inc. (TADF.OB) announced that it has signed a letter of intent to acquire, as a wholly-owned subsidiary of TADF, 100% of Logos Aviation Services International Inc., a licensed FAA Part 145 Repair Station.
Through the acquisition of Logos and its FAA Part 145 Repair Station license, TADF will acquire the ability to provide aircraft maintenance services to many different types of customers, including (i) to the U.S. and foreign militaries that require maintenance services for its aircraft, (ii) for its own fleet of CF-5 military aircraft that it is acquiring, and (iii) for third-party aircraft from a commercial owner.
Tactical Air Defense said it intends to use its FAA Part 145 Repair Station license to (i) bid as either a prime-contractor or a sub-contractor for U.S. or foreign military aircraft maintenance contracts, (ii) internally service its own aircraft more cost-efficiently, and (iii) to develop a commercial aircraft maintenance business.
Upon closing of the acquisition of Logos, and pursuant to the terms of the LOI, TADF will purchase 100% of the outstanding shares of Logos for consideration of 833,333 thousand shares of its Series C Preferred stock.
Closing of the transaction is subject to final completion of all due-diligence and documentation and approval by the board of directors of TADF, and is anticipated within ninety days.
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