November 14, 1997
NEWS RELEASE NO. 97-020
RICHMOND, BC-Mr. James L. Swanson, Chairman of CON-SPACE Communications Ltd., (VSE:CCB), announced today at the company's Annual General Meeting (AGM), the expectation of a 40% growth in sales and both operational and net profits for the current fiscal year.
CON-SPACE is a young company with an established position in the international world markets for Industrial Safety and Rescue. It is the world leader in the supply of specialized communication equipment used to provide safety and efficiency to workers in every major industry.
Last week the company announced it had concluded the purchase of the Swiss company, LYNX-SCT Group GmbH, giving it the world distribution rights for the "Safety-Roll", a personal retrieval device. This product, along with other CON-SPACE equipment, was displayed at the AGM. "The acquisition of the assets of LYNX-SCT totaled CDN$101,985 paid in a combination of cash and shares", said Swanson, adding, "The cash outlay was $38,089 while the share value was $63,896 issued at $0.50 per share for a total of 127,792 shares." He also indicated that a further $25,000 worth of shares could be issued next summer based on the performance of this new division.
Numerous details of the company growth were presented to the shareholders and guests in attendance with the highlight coming when Swanson said, "We foresee an expected forty percent growth in sales this year taking us over $2,112,000. An expected $0.03 per share increase in net earnings should result, giving a total net earnings of $0.02 per share."
Mr. Terence A. Ibbetson, President, stated that recent developments in both the European market and "Private Label" business have combined with the company's established distribution network to ensure continued strong company growth.
James L. Swanson
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