7/6/12 Palm Beach, FL (StreetBeat) -- Tactical Air Defense Services, Inc. (OTCBB:TADF), an Aerospace/Defense Services contractor that offers tactical aviation services, aircraft maintenance, and other Aerospace/Defense services to the United States and Foreign militaries and agencies, is pleased to announce that it has amicably settled its litigation with Mark Daniels, its former CEO and founder.
Under the terms of the settlement agreement, TADF has agreed to remove Daniels from the litigation action entitled Tactical Air Defense Services, Inc., et. al v. Mark Daniels, et. al, in the Circuit Court of the 15th Judicial Circuit in and for Palm Beach County, Florida, for a total consideration amount of approximately $471,000 from Daniels, whereby Daniels has agreed (i) to pay to TADF $250,000 in cash within 120 days of execution of the agreement, and (ii) to cancel and return the convertible promissory note issued to him by TADF in 2009, which principle and accrued interest equal approximately $221,000.
Alexis C. Korybut, Chief Executive Officer of TADF, stated, "We are pleased to announce that TADF and Mark Daniels, the former CEO of TADF, have amicably settled our ongoing litigation in the 15thJudicial Circuit Court in and for Palm Beach county, Florida. Mr. Daniels is recognized as one of the leaders of this industry, and we believe that by putting our past differences behind us, TADF and Mr. Daniels can again work together to drive forward the Company's business strategy of acquiring military aircraft and supplying aerial services to the U.S. and foreign militaries."
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