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August 27, 1997
NEWS RELEASE NO. 97-015
RICHMOND, BC-Mr. James L. Swanson, Chairman of Con-Space Communications Ltd., (VSE:CCB) along with Ms. Sabine Zimmermann and Mr. Axel Christiansen of the Business Development Bank of Canada (BDC) jointly announced today the establishment of a $500,000 funding arrangement to assist in the continued growth of Con-Space.
For years the lack of appropriate safety equipment has resulted in many individuals losing their lives while working in and around confined spaces, hazardous environments and explosive atmospheres. A few years ago Con-Space addressed this problem by developing proper communication equipment that allows workers to remain in constant voice communication with a safety attendant while within these dangerous areas. The result was specialized equipment which has since become the industry standard.
"The continued growth of Con-Space in North America and overseas required that we raise additional funds to meet the increasing demand for our product," said Swanson. Con-Space, with facilities in Canada and the United States, recently opened offices in Kent, England.
"The BDC is constantly looking for emerging, high-growth companies like Con-Space to assist them in their expansion," said Christiansen, adding, "When we find a proven company with high-quality management, established growth and strong earnings potential we want to help by providing financial fuel for their growth."
Con-Space products are distributed throughout Canada, the United States, Great Britain, Japan, South Korea, Hong Kong, Australia, New Zealand and are just now being introduced into Europe. Their customer base includes general industry, municipalities, fire departments, rescue teams, government agencies and the military. The company is listed on the Vancouver Stock Exchange.
The five hundred thousand-dollar "Venture Loan" was arranged as patient money with a payback period of seven years. This type of loan does not dilute the shareholder's position and therefore is a win-win situation.
James L. Swanson
Chairman
and Safety in Communication areHome | Products | Confined Space | Equipment Applications About CON-SPACE | Contact Us | Site Map |