Frivolous Action Against Tactical Air Defense Services is Dismissed

CARSON CITY, Nev., Aug. 11 /PRNewswire-FirstCall/ -- Tactical Air Defense Services, Inc. (OTC Bulletin Board: TADF), an Aerospace/Defense Services contractor that offers air-combat training, aerial refueling, aircraft maintenance, disaster relief services, and other Aerospace/Defense services to the United States and Foreign militaries and agencies, is pleased to announce that the frivolous and improper Involuntary Chapter 7 Petition (the "Petition") designed to harm TADF has been Dismissed by the United States Bankruptcy Court.

On August 3, 2010, certain affiliates and business associates of Mr. Daniels, the ex-CEO of TADF against whom TADF is currently litigating in a separate action, filed an improper and frivolous Involuntary Chapter 7 Petition against the Company in the United States Bankruptcy Court for the Southern District of Florida, in an effort to delay and circumvent the legitimate civil court process, to harm and discredit TADF, and in direct violation of a Court Order previously issued by Federal Bankruptcy Judge Paul Hyman on March 14, 2010.

On August 11, 2010, at an Emergency Hearing to Dismiss the Petition, the Federal Bankruptcy judge dismissed the Petition, as had been anticipated and previously disclosed by TADF, and, moreover, due to the improper actions of the Petitioners, reserved the right of the US Federal Bankruptcy Court to:

• impose Sanctions upon the Petitioners, and
• impose Punitive Sanctions upon the Petitioners if it is determined that the actions of the Petitioners violated the Court Order previously issued by U.S. Federal Bankruptcy Court Judge Hyman.

Although no assurances can be given, TADF believes that Sanctions will be imposed upon the Petitioners, and that it will be determined that the Petitioners violated the Court Order issued by Judge Hyman.

Alexis C. Korybut, Chief Executive Officer of TADF, stated,  "I am pleased that the U.S. Bankruptcy Court made the proper determination by dismissing the frivolous Petition.  TADF intends to request that Sanctions and Punitive Sanctions be imposed upon the Petitioners and Mr. Daniels for yet another improper attempt to damage TADF due to it having severed its relationship with the Petitioners or their affiliates as a result of previous improper or fraudulent actions or misconduct by the Petitioners or their affiliates.  We hope that Judge Hyman will impose both Sanctions and Punitive Sanctions against the Petitioners and Mr. Daniels in order send the proper message to Mr. Daniels and his affiliates that any attempt to damage or take unfair advantage of TADF will not be tolerated.  TADF remains on a clear path to fulfill the expectations of our shareholders."

Further information about TADF is available on our website: 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.      

SOURCE Tactical Air Defense Services, Inc.

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED