facebook
twitter
rss
account
search
search
 

Acquisition deal for Northrop TF5-1 Corp.

Aug. 23, 2012 at 6:25 AM   |   Comments

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.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Additional sub-components being made for Ballistic Missile Defense radar Additional sub-components being made for Ballistic Missile Defense radar
2
Russian bank boss feeling sanctions pain Russian bank boss feeling sanctions pain
3
Navy's Triton surveillance drone flies cross-country Navy's Triton surveillance drone flies cross-country
4
Ukraine's State Guard Service receives armored personnel carriers Ukraine's State Guard Service receives armored personnel carriers
5
Army deploying JLENS radar system to help protect Washington, D.C. Army deploying JLENS radar system to help protect Washington, D.C.
Trending News
Video
x
Feedback