CARSON CITY, Nev., Aug. 23 (UPI) -- A U.S. aerospace and defense services company plans to acquire Northrop TF5-1 Corp., a military aircraft holding company.
Tactical Air Defense Services Inc. said Northrop TF5-1 Corp. owns one Canadair CF-5D supersonic fighter, which TADF will use to support of tactical aviation contracts its AeroTech Corp. subsidiary is bidding on.
In a pending acquisition of Globalease Corp., TADF will acquire lease-to-purchase agreements for two Canadair CF-5D aircraft.
"Through the acquisitions of Northrop and Globalease, TADF, will be able to offer three CF-5 aircraft in support of aviation contracts," said TADF Chief Executive Officer Alexis C. Korybut.
"In addition to adding a valuable asset to our balance sheet, we believe the acquisitions of Northrop and Globalease will give TADF a strong competitive advantage when offering our aviation services to the U.S. and foreign militaries."
Under the Letter of Intent with Northrop, TADF will buy 100 percent of Northrop's outstanding 2.5 million shares of its Series C Preferred stock and a promissory note. The one-year note will have a principle amount of $500,000, an interest rate of 12 percent.