Tactical Air Defense Services, Inc. (TADF) will buy Northrop TF5-1 Corp.

Tactical Air Defense Services, Inc. (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, is pleased to announce that it has signed a letter of intent to acquire, as a wholly-owned subsidiary of TADF, 100% of Northrop TF5-1 Corp. (Northrop), a military aircraft holding company. 

Northrop currently owns one Canadair CF-5 aircraft, which upon closing of the acquisition of Northrop, will be 100% owned by TADF. In addition, as previously disclosed in a recent Form 8-K filing, through the pending acquisition of Globalease Corporation, TADF will acquire lease-to-purchase agreements for two Canadair CF-5D aircraft. TADF intends to use the three CF-5(D) aircraft in support of tactical aviation contracts for which it is bidding through its wholly owned subsidiary, AeroTech Corporation.

CF-5 aircraft are supersonic fighter aircraft known to be cost effective, low-maintenance, and extremely versatile fighter jets that have been used effectively by many countries around the world as light attack strike fighters, reconnaissance platforms, and to provide a tactical support role as air-to-ground, close-air-support, training platforms or dissimilar air combat training aircraft. The CF-5 two-seat aircraft are considered by many to be the ideal training aircraft for F-16 lead-in fighter pilot training.

Upon closing of the acquisition of Northrop, and pursuant to the terms of the LOI, TADF will purchase 100% of the outstanding shares of Northrop for consideration of 2.5 million shares of its Series C Preferred stock and a promissory note with a principle amount of $500,000, an interest rate of 12%, and a term of 1 year. Closing of the transaction is subject to final completion of all due-diligence and documentation and approval by the board of directors of TADF, and is anticipated within thirty days.

Alexis C. Korybut, Chief Executive Officer of TADF, stated, „Through the acquisitions of Northrop and Globalease, TADF, will be able to offer three CF-5 aircraft in support of aviation contracts. 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.”

Source/Author: TADS