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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): February 8, 2005
Global Aircraft Solutions, Inc.
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(Exact Name of Registrant as Specified in Charter)
Nevada 000-28575 84-1108499
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(State of Incorporation) (Commission File (IRS Employer
Number) Identification No.)
P.O. Box 23009 Tucson, AZ 85734
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(Address of principal executive offices)
(520) 294-3481
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(Registrant's telephone number, including area code)
Formerly Renegade Venture (NEV) Corporation
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(Former Name or Former Address if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
|_| Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b)).
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-14(c).
ITEM 1.01. Entry into a Material Definitive Agreement.
ITEM 2.03. Creation of a Direct Financial Obligation of a Registrant
On February 3, 2005 Hamilton Aerospace Technologies, Inc. ("HAT"), a wholly
owned subsidiary of Global Aircraft Solutions, Inc. ("Registrant") closed and
finalized a Loan and Security Agreement with M&I Marshall & Ilsley Bank to
borrow $750,000.00 ("Loan") secured by a first priority lien on HAT's accounts
receivables and all other assets. The term of the Loan is 3 years with an
interest rate of 6.75% per annum. The Loan is payable in monthly installments of
$23,072.19 with a maturity date of January 31, 2008. The Loan is accelerated and
becomes immediately due and payable upon default under the terms of the Loan
plus fees, costs and late penalties. HAT paid total fees and expenses of
approximately $19,701.50 in connection with obtaining the Loan. The Registrant
is a Guarantor of the Loan and also primarily responsible for the repayment
obligation.
ITEM 9.01 Financial Statements and Exhibits.
(c) Exhibits
Exhibit No. Document
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99.1 Form of Loan Agreement between Hamilton Aerospace
Technologies, Inc., as Borrower, and M&I Bank as Lender.
99.2 Form of Promissory Note by Hamilton Aerospace Technologies,
Inc. in favor M&I Bank as Lender.
99.3 Form of Security Agreement between Hamilton Aerospace
Technologies, Inc., as grantors, in favor of M&I Bank as
secured creditors.
99.4 Form of Guaranty between Global Aircraft Solutions, Inc.
("Registrant") a nd M&I Bank, as Lender.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: February 8, 2005
Global Aircraft Solutions, Inc.
(Registrant)
By: /s/ John Sawyer
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Name: John Sawyer
Title: President