December 19, 1996
NEWS RELEASE NO. 96-029
Richmond, B. C. -- Mr.James L. Swanson, Chairman, CON-SPACE COMMUNICATIONS LTD., (VSE:CCB) announced today that the company has concluded arrangements with the Bank of Montreal, through its Innovation and Technology Centre, for debt financing totalling $700,000.
"CON-SPACE is currently experiencing rapid growth" said Swanson, "and we realized some months ago that it would be necessary to establish a greater level of funding to meet the growing demand for our products. After much consideration we decided to go with a debt/equity combination that would meet our long term growth plans as well as being immediately beneficial to the company." The first part of this plan is now complete through the Bank of Montreal who have agreed to provide the company with $700,000 in debt financing. The equity funding portion of the plan is nearing completion and will be announced when appropriate.
CON-SPACE is rapidly becoming prominent in the Safety and Rescue Industries due to its unique communication and alarm equipment that is now considered as the industry standard throughout North America, Great Britain, Australia, New Zealand and parts of Asia. This innovative British Columbia company is just over four years old and during this time has not only become the industry leader for such equipment but is also considered as the world's leading authority on confined space communication equipment.
"The addition of these funds will greatly assist us in making the next big step in our growth," concluded Swanson.
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