May 21, 1996
NEWS RELEASE NO. 96-012
Richmond, B. C. -- Mr. James L. Swanson, Chairman of CON-SPACE COMMUNICATIONS LTD. announced today at the Company's Extraordinary General Meeting that final arrangements have been reached with American Financial Services of New York to assist in the raising of U. S. $2,000,000 through a private placement from American institutional investors.
The Extraordinary Meeting was held to approve the re-organization of the capital structure of CON-SPACE to facilitate the raising of the U. S. $2,000,000 without creating dilution of the current common shareholders. The Meeting approved the creation of a Second Common Share as well as a Class A Preferred Share and a Class B Preferred Share. American Financial Services, through its local representative, Lynx Financial Services, are working with the Company to raise the U.S. $2,000,000 through the sale of units consisting of Class A Preferred Shares, convertible to Second Common Shares, neither of which is intended to be listed for trading.
During the Meeting, both Mr. Swanson and the President, Mr. Terence A. Ibbetson, overviewed the progress of CON-SPACE and the numerous projects it is currently working on. The funds being raised are for these projects as well as for the further development of corporate infrastructure to handle the increasing growth.
"Numerous major orders have been received lately, with emphasis on rescue teams, airlines and the military. There has even been an upsurge in international orders," said Swanson. "With the raising of these funds, we will be better able to support this increased business and to take the next major step in our growth plan."
CON-SPACE is the world leader in the design and manufacture of specialized communication and alarm equipment used by those who must work in and around Confined Spaces and hazardous atmospheres. Its products are sold through Canada, the United States, Great Britain, New Zealand, Australia, and Hong Kong.
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