Silver Scott Mines, Inc. Signs Letter of Intent to Acquire Certain Business Assets of Aviation Unlimited
Rhea-AI Summary
Silver Scott Mines (OTC PINK:SILS) has signed a letter of intent to acquire certain aircraft assets and debt of Aviation Unlimited, a profitable aircraft acquisition and refurbishment company with 40+ years of operations. The acquisition will be structured as an all-stock transaction subject to Rule 144 regulations.
SILS will establish a new company called FlitePass to execute the acquisition, which will become their flagship business in the Fractional Ownership division. Aviation Unlimited's founder, Lawson Brown II, will serve as FlitePass CEO, while SILS maintains financial responsibility. The new venture will incorporate a fractional component for near-term cash flow generation and utilize NFTs as proof of fractional ownership.
Positive
- All-stock transaction structure preserves cash resources
- Acquisition of profitable 40-year-old aviation business
- Addition of near-term cash flow through fractional ownership model
- Integration of experienced industry veteran as subsidiary CEO
Negative
- Stock-based acquisition may lead to shareholder dilution
- Taking on debt from Aviation Unlimited could impact financial position
- Execution risk in implementing new fractional ownership model
News Market Reaction
On the day this news was published, SILS gained 40.00%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Lawson Brown II of Aviation Unlimited Brings 40+ Years of Successful Operations to Silver Scott Mines, Inc.
FRANKLIN, NEW JERSEY / ACCESS Newswire / January 28, 2025 / Silver Scott Mines, Inc. (OTC PINK:SILS) ($SILS), a diversifying acquisition corporation, today announced that it has signed a letter of intent to acquire certain aircraft assets and debt of Aviation Unlimited, an aircraft acquisition and refurbishment company. Aviation Unlimited has been profitably operating for more than 40 years.
Logo for FLITE PASS
The acquisition will be structured as an all-stock transaction with shares being subject to Rule 144 regulations. Silver Scott Mines, Inc. will be setting up a new company in order to effect the acquisition and it will become a flagship business of the Company's Fractional Ownership division.
CEO of Silver Scott Mines, Inc. Stuart Fine stated, "Lawson Brown II brings a lifetime of aircraft knowledge to our new Company, FlitePass. Mr. Brown has lived and breathed aircraft. He started flying at age 19 and received his Private, Commercial, Instrument, multi-engine as well as Ground and Flight Instructor licenses by age 20. Before he was 21, he began teaching other people how to fly from Burbank Airport. While at Burbank Airport, his future came together when he sold his first plane. In May1982, at 23 years old he started Aviation Unlimited. At Aviation Unlimited he purchased, refurbished and sold Aircraft. He flew as a commercial pilot and began brokering chartered flights. He built a chartered air business and received government work for the testing of certain aircraft equipment. His love though has been to buy aircraft and refurbish them. With that in mind, Lawson and I are creating FlitePass.
FlitePass will have Lawson Brown serving as CEO, while Silver Scott Mines, Inc. will maintain financial responsibility. The new company will be adding the fractional component which will generate cashflow in the near term as well as utilizing NFTs as proof of fractional ownership.
Stuart Fine, CEO of Silver Scott Mines, Inc. Stated, "Acquiring these assets will accomplish many of the initial goals I had set when I accepted the position as President less than a year ago. I expressed to the board that we needed to find companies that were profitable or soon to be profitable that with our guidance and expertise could grow more rapidly. FlitePass fits our model."
Lawson Brown, Founder and CEO of Aviation Unlimited said, "I've been running this business for more than 20 years by myself. After speaking with Stuart, I realized how much more I could accomplish by having a more robust managerial structure. This transaction will allow me to focus on what I do best, which is finding and refurbishing aircraft for resale while my new partner handles all the management and financial affairs."
About Silver Scott Mines, Inc
Silver Scott Mines, Inc is a diversifying holding company. It currently holds crypto token, $NDAU, an interest in crypto Exchange Kraken, and just under
About Aviation Unlimited
Aviation Unlimited is entering its 43rd year of operations. The business has been profitably operating and buys, sells, refurbishes and brokers high quality aircraft. Lawson Brown is an expert in aircraft valuations and has been a pilot since the age of 19.
Forward Looking Statements
This press release includes forward-looking statements within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. Words such as expects, believes, anticipates, intends, estimates, seeks and variations and similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements with respect to revenues, earnings, performance, strategies, prospects and other aspects of the businesses of Silver Scott Mines, are based on current expectations that are subject to risks and uncertainties. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements.
Contact Information
Stuart Fine
CEO
stuartfine@silverscottmines.com
908-356-9852
SOURCE: Silver Scott Mines Inc.
View the original press release on ACCESS Newswire
FAQ
What are the terms of Silver Scott Mines' acquisition of Aviation Unlimited assets?
How will FlitePass generate revenue under SILS ownership?
What role will Aviation Unlimited's founder play in SILS's new venture?
What is the strategic importance of the Aviation Unlimited acquisition for SILS?
