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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.
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."