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January 16, 1997
NEWS RELEASE NO. 97-002
Richmond, B C -- The Board of Directors of CON-SPACE COMMUNICATIONS LTD. (VSE:CCB), announced today their intention to submit for regulatory approval for the issuance of bonus shares to Stella A. Ibbetson, Terence A, Ibbetson, Elaine C. Swanson and James L Swanson in the amount of 9,146 Common Shares apiece for them allowing their houses to be used as collateral, to the extent of $75,000 each, for the loan facility of $150,000 granted to the company by the Bank of Montreal.
Of the entire loan facility of $700,000 established with the bank all is guaranteed by the company with the exception of $150,000 which is also guaranteed by the Ibbetson's and Swanson's personal residences plus Mr. Ibbetson and Mr. Swanson individually.
The shares are being issued at a price of $0.41 each based on the recent closing price of the company's stock. The issuance of these shares is subject to regulatory approval.
CON-SPACE is the World leader in the development and marketing of specialized communication equipment used by industry, municipalities, rescue teams and the military when personnel operate in dangerous environments or hazardous atmospheres such as in confined space locations.
This unique company continues to expand its markets within North America and into other countries around the World. The credit facility with the Bank of Montreal's Innovation and Technology Centre is intended to be used to assist the company in this growth.
and Safety in Communication areHome | Products | Confined Space | Equipment Applications About CON-SPACE | Contact Us | Site Map | Links