Cyber Aerospace Corporation Merges with Cyber Defense Systems.ST. PETERSBURG, Fla. -- Cyber Defense Systems, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CYDF CYDF China Youth Development Foundation ) announces that on March 31, 2005 its subsidiary Cyber Aerospace Corp. was merged into Cyber Defense Systems. Cyber Defense Systems is an operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. of Proxity, Inc. (Pink Sheets:PRXT). The merger was taken in order to avoid what had become unnecessary bookkeeping bookkeeping, maintenance of systematic and convenient records of money transactions in order to show the condition of a business enterprise. The essential purpose of bookkeeping is to reveal the amounts and sources of the losses and profits for any given period. expenses associated with maintaining Cyber Aerospace as a separate company. As a result of the merger, for each one share of Class A Common Stock of Cyber Aerospace, the Beneficial Owner Beneficial Owner A person who enjoys the benefits of ownership even though title is in another name. Notes: For example, when shares of a mutual fund are held by a custodian bank or when securities are held by a broker in street name, the true owner is the beneficial will receive one share of Class A Common Stock of Cyber Defense. The total issued and outstanding Common shares in Cyber Defense after the merger are 28,019,594. For more details of the merger, investors should review the 8-K filing. Billy Robinson Billy Robinson (b. 1939) is a British professional wrestler and Catch Wrestling instructor. Billy Robinson became popular in Japan where he has trained Mixed Martial Arts fighters in catch wrestling. , 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. Cyber Defense Systems states, "Cyber Defense has gone through a rapid growth cycle over the last 8 months. Through multiple consolidations, we now have one name, one group of shareholders, and a focused direction for our company. This merger was the last transaction necessary to bring the key players and all of the assets together into one company." In addition, in a separate series of transactions, Cyber Defense converted $193,000.00 of debt by issuing shares of its Class A Common Stock (Restricted) to various creditors. About Cyber Defense Systems Cyber Defense Systems, Inc. is designing and building a new generation of UAVs. Cyber Defense is currently marketing their CyberBug(TM) UAVs to various branches of the U.S. government and U.S. allies as multi-use platform vehicles capable of deployment in surveillance and communication operations. http://www.cyberdefensesystems.com About Proxity Proxity, Inc. is a developmental holding company specializing in the deployment and marketing of security protection technology and government contract fulfillment ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. . With 18,750,000 shares in CYDF, Proxity is the Company's majority shareholder. Proxity seeks to acquire and develop security technology. The Company plans to enter into teaming and exclusive and nonexclusive marketing and distribution agreements with products developed for commercial, military and homeland defense. http://www.proxity.com This release contains statements that constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words ``may,'' ``would,'' ``will,'' ``expect,'' ``estimate,'' ``anticipate,'' ``believe,'' ``intend,'' and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control and those actual results may differ materially from those projected in the forward-looking statements as a result of various factors. |
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