October 20, 1997
NEWS RELEASE NO. 97-01
Richmond, BC - Mr. James L. Swanson, Chairman of Con-Space Communications Ltd., (VSE:CCB) announced today that the Company has entered into an agreement to acquire 100% of Safety Concepts and Technologies GmbH (SCT) of Wagen, Switzerland.
SCT has the world rights to a variety of industrial fall protection products, most notably the "Safety-Roll"; a special precision manufactured pulley control head used for ascent/descent and fall arrest purposes. This high quality device is used by general industrial and rescue personnel and is designed to operate either vertically or horizontally.
"We are very excited about SCT and its products as it allows CON-SPACE to broaden its product base and enter a whole new market area within the Safety Industry," said Swanson. The fall protection and retrieval market worldwide is in the hundreds of million of dollars.
Mr. Frank A. Wenzinger, President of SCT said, "We have watched the growth of CON-SPACE and its burgeoning worldwide distribution network and felt that becoming a part of their organization made a lot of sense. We are very proud to be part of the CON-SPACE family."
CON-SPACE is the world leader in the development and marketing of specialized equipment used by general industry, municipalities, fire departments, rescue teams and the military. Their equipment is used when personnel operate in confined spaces, dangerous environments and hazardous atmospheres, such as; boilers, tanks, silos, bins, sewers, underground vaults and during rescue operations. The CON-SPACE products are now sold throughout Canada, the United States, Great Britain, Japan, Hong Kong, South Korea, New Zealand, Australia and Europe. The company's world headquarters is located in Richmond, BC, Canada, with subsidiaries in: Blaine, Washington, USA; Kent, England; and now Wagen, Switzerland. Mr. Wenzinger will be in charge of the Switzerland and, therefore, the European operations.
"We expect a substantial increase in our world wide revenues as a result of this acquisition," said Swanson. "Our core business is growing very nicely and once we prepare for and introduce this complete new high quality product line to our distribution network CON-SPACE sales will receive a substantial boost." The CON-SPACE core revenues increased 25% during the most recent fiscal year ended June 30, 1997.
Mr. Swanson indicated that the due diligence was well underway
but before further details of the acquisition could be released
it needed to be finished and final approval received from the
regulatory authorities. Though the purchase price has yet to be
disclosed Swanson said, "It is definitely a fair price for
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