CARCORP USA Corporation Updates Status of Merger With Elite Flight Solutions, Inc.Business Editors DEERFIELD BEACH Deerfield Beach, town (1990 pop. 46,325), Broward co., SE Fla., on the Atlantic coast; inc. 1925. The development of high-technology industry and commerce expanded the town and more than doubled its population between 1970 and 1990. , Fla.--(BUSINESS WIRE)--April 29, 2003 CARCORP USA Corporation, a Delaware Corporation A Delaware corporation is a corporation chartered in the U.S. state of Delaware. Delaware is well known as a corporate haven, and thus, over 50% of US publicly-traded corporations and 58% of the Fortune 500 companies are incorporated in the state. (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 it has filed the Definitive Information Statement (14C) with the Securities and Exchange Commission and their shareholders. The board of directors approved the merger between Elite Flight Solutions and CARCORP USA Corporation on February 4, 2003. Once majority shareholder approval is obtained, Elite Flight Solutions stock will be distributed to the shareholders of CARCORP USA Corporation's Common Stock. This action is expected to be completed within 20 days of the legal mailing which is going out to share holders this week and which will be the final phase of the 14C filing. "Our board of directors believes that the share exchange agreement through which CARCORP will acquire all of the ownership in Elite Flight Solutions will bring a new business direction to the company and move it towards increased profitability. This obviously will be of great benefit not only to our Company, but our shareholders as well," commented 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. CARCORP USA will change their corporate name to Elite Flight Solutions, Inc. as well as effecting 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 once the merger is approved by majority shareholders of CARCORP USA. "We believe that a new corporate name change will reflect our change in business direction, and the new corporate name will promote public recognition and more accurately reflect our new business focus," DeMeo went on to say. For further information on Elite Flight Solutions Inc. go to http://www.flyjets.biz a division of Elite Flight Solutions Inc. Recently the website has been updated and will help keep investors better informed as to the business of Elite Flight Solutions. 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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