A Stead company that provides military aviation training and consulting services struck a letter of intent to be acquired by a publicly held company.
Tactical Air Support Inc., a five-year-old company founded by former Navy, Marine and Air Force weapons school instructors, would be acquired by Tactical Air Defense Services.
Shareholders in Tactical Air Support Inc. would receive about a 46 percent interest in Tactical Air Defense Services.
Rolland Thompson, a former commanding officer of the U.S. Navy Fighter Weapons Training School and the president of the Reno company, would become chief executive officer of the combined companies.
The Reno company, which employs 15, operates a fleet of aircraft developed in the former Soviet Union and the Eastern bloc. It provides the aircraft and their pilots to help military pilots learn tactics.
The privately held company also trains civilians to fly high-performance jets and provides consulting and engineering services to military and civilian clients.
Tactical Air Defense Services, the acquiring company, lists a Carson City address as its executive office. Most of the company's operating history, however, has been in Florida.
Its stock, which trades on the Over the Counter Bulletin Board, was quoted at a penny a share last week.
In a filing with the Securities and Exchange Commission, Tactical Air Defense Services reported a loss of $141,066 and no revenues in the first quarter of this year.
