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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): July 13, 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 Number) (IRS Employer
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 July 8, 2005 Global Aircraft Solutions, Inc ("Global"), Hamilton Aerospace
Technologies, Inc. ("HAT"), a wholly owned subsidiary of Global Aircraft
Solutions, Inc. and World Jet Corporation, ("WJ") a wholly owned subsidiary of
Global Aircraft Solutions, Inc. (collectively the "Borrowers") closed on a
transaction to increase Global's Revolving Line of Credit with Global's existing
bank to $2.5 million ("Line of Credit") with an interest rate of 3.50% per annum
in excess of the applicable LIBOR rate secured by a first priority lien on
Global's, HAT's and WJ's personal property. The term of the Line of Credit
expires on April 30, 2006 when the entire unpaid principal balance and accrued
and unpaid interest is due and payable. While there is no required monthly
installments, the Line of Credit is based upon and limited by a borrowing base
equal to the sum of 80% of the outstanding amount of all Eligible Accounts as
defined in the Loan Agreement and 50% of the net book value of all Eligible
Inventory as defined in the Loan Agreement up to a maximum borrowing of $2.5
million. The Borrowers paid total fees and expenses of approximately $17,500.00
in connection with obtaining the Line of Credit.
ITEM 9.01 Financial Statements and Exhibits.
(c) Exhibits
Exhibit Document
No.
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99.1 Form of Loan Agreement among Global Aircraft Solutions, Inc,
Hamilton Aerospace echnologies, Inc., and World Jet
Corporation as borrowers, and Bank as lender.
99.2 Form of Promissory Note by Global Aircraft Solutions, Inc.,
Hamilton Aerospace Lechnologies, Inc. and World Jet
Corporation in favor of Bank as Lender.
99.3 Form of Acknowledgement of Closing Date of Line of Credit
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: July 13, 2005
Global Aircraft Solutions, Inc.
(Registrant)
By: /s/ John Sawyer
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Name: John Sawyer
Title: President