Basta Holdings Corp. announced that on August 15, 2014, it signed a Letter of Intent with Heliflight PERU SAC to form a joint venture that will provide ACMI leasing of helicopters throughout Peru. The parties have ninety days to formalize their understanding into a definitive written agreement and one hundred twenty (120) to close the transaction.

The company's new joint venture will provide ACMI (aircraft, crew, maintenance and insurance) leasing of MI-17, MI-8-MTV1 and MI-117E helicopters in Peru to provide logistical support, internal and external air cargo for projects that require the transport of highly valuable cargo and passengers. These projects will include, but are not limited to oil, gas, and mining exploration, construction and emergency air rescue and evacuation operations. Basta Holdings projects that if this new joint venture comes to fruition, it will generate substantial revenues for the company.

Once the joint venture is finalized, the established entity will be able to bid on Peruvian Government contracts via Heliflight PERU's Air Operator's Certificate.