CARCORP USA Corporation Announces Closing Date for Merger With Elite Flight Solutions.Business Editors/Travel Writers DEERFIELD BEACH, Fla.--(BUSINESS WIRE)--May 21, 2003 CARCORP USA Corporation, a Delaware Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CUSA CUSA Conference USA (Collegiate Athletic Conference) CUSA Carleton University Students Association (Canada) CUSA Certified Utility Safety Administrator (US National Safety Council) ), announced today that the merger with Elite Flight Solutions is scheduled to close on May 27, 2003. On May 6th, 2003, CARCORP USA announced that majority shareholders had approved the merger and additionally, the Information Statement and Notice of Actions Taken by Written Consent of the Majority Stockholder had been mailed to shareholders of CARCORP USA common stock. Once the merger is completed, a Company name change to Elite Flight Solutions as well as a ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors change will occur. At the close of the transaction, CARCORP USA will acquire complete ownership of Elite Flight Solutions. Mr. Michael DeMeo, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of CARCORP USA stated: "The market for charter jet services has never looked better. This merger is indicative of our intent to capitalize on the strength of Elite Flight Solutions and build a world-class transportation company." DeMeo added, "We expect this merger to return the company to profitability and restore value for our shareholders." Elite Flight Solutions shares the market space with companies like Flight Options, Inc., which is partially owned by Raytheon Travel Air, a Wichita, Kansas-based unit of Raytheon Company (NYSE NYSE See: New York Stock Exchange :RTN RTN Return RTN Raytheon Company (stock symbol) RTN Research Training Network RTN Rotarian RTN Routing Transit Number RTN Recursive Transition Network RTN Register Transfer Notation RTN Radial Tangential Normal ), NetJets and Blue Star Jets, among others. About Elite Flight Solutions Elite Flight Solutions has one of the most extensive networks of charter jets in the private aviation industry, providing a one-stop-shop for client air charter needs. Additionally, service agents are on call 24 hours a day to handle any request, from booking a last minute flight to full concierge service. Elite Flight Solutions charter service is available in excess of over 5,000 airports nationwide. For further information on Elite Flight Solutions Inc. go to http://www.flyjets.biz a division of Elite Flight Solutions Inc. FORWARD LOOKING STATEMENTS: Statements about the company's future expectations, including revenues and earnings and all other statements in this press release other than historical facts are "forward looking statements" within the meaning of section 27A of the Capital Securities Act of 1933, section 21E of the Securities Exchange act of 1934, and as the term defined in the Private Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act of 1995. The Company's actual results could differ materially from expected results. The company undertakes no obligation to update forward looking statements to reflect subsequently occurring events or circumstances. Should events occur which materially affect any comments made within this press release, the company will appropriately inform the public. For investor relations Investor relations The process by which the corporation communicates with its investors. please contact Investor@Carcorpusa.com or Fly Jets.Biz at 866-FLY-JETS. |
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