March 17, 2003
News Release 03-008
Trading Symbol TSX: CCB
US SEC Exemption No. 82-3378
RICHMOND, BC - Mr. James L. Swanson, Chairman of CON-SPACE Communications Ltd., (TSX:CCB) announced today the acceptance by the Toronto Venture Exchange of the private placement of 237,000 units at $0.65 per unit.
"A major milestone in the growth of any Company is to have Institutional investors decide that the company is worth investing in and that has just happened to CON-SPACE," said Swanson, adding, "Our last fiscal year was profitable and this year sales and profits have increased substantially, so we are being recognized both for our products and for our efforts in building this company." Though Swanson did not state the name of the institution making the investment he did say it was a major Canadian investment fund.
The private placement consists of one common share and one share purchase warrant. The warrants will be exercisable at $0.75 through March 19, 2004 and at $1.00 from March 20, 2004 until their expiry on March 19, 2005. These funds will be used for the purpose of adding additional inventory and R&D. All 237,000 common shares will have a hold period that ends on July 19, 2003.
Recently, the company announced that it expected year-to-date sales through the end of the third quarter, March 31, 2003, would exceed the total sales for its last fiscal year. Also it recently announced a new relationship with Canadian Nexus Ventures Ltd., which is providing services to assist in broadening public awareness of the company and its potential as an investment opportunity.
The company's world headquarters is located
at its Richmond facility where all design and manufacturing work
is done. Recognized worldwide as the leader of specialized voice
communication equipment, its products are used by Police, Fire,
Rescue, Government Agencies, Militaries, Municipalities, General
Industry and Medical Emergency services the world over. The Company
has established distribution throughout North America, Great Britain,
Australia, and parts of Asia, South America, and Europe and also
supplies many other manufacturers with Private Labeled and specially
designed products. The CON-SPACE web site is at www.con-space.com.
For more information, please call Jim Swanson, Investor Relations, CON-SPACE COMMUNICATIONS LTD., (604) 244-9323, (800) 755-2528 in the U.S., or by e-mail [email protected]. "Forward-looking" statements in this release involve risks and uncertainties associated with, among others, economic, industry conditions, technological development, and competition and should not be relied upon as actual results may differ materially from those projected.
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