AvStar Aviation Group announces amended LOI for acquisition of Twin Air Calypso

AvStar Aviation Group announces 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.