November 25, 1997
NEWS RELEASE NO. 97-021
RICHMOND, BC--Mr. James L. Swanson, Chairman of CON-SPACE Communications Ltd., (VSE:CCB) announced today that final acceptance has been received from the Vancouver Stock Exchange (VSE) in the acquisition of the assets of LYNX-SCT Group GmbH and its operating division Safety Concepts and Technologies (LYNX-SCT) of Switzerland.
This acquisition gives CON-SPACE world distribution rights for one of the very few patented, precision, pulley control-heads manufactured today, a device called the "Safety-Roll". Ascend/Descend equipment, similar to the "Safety-Roll", is needed by general industry, municipalities, military and rescue personnel worldwide for a wide range of applications which include confined space operations. The acquisition also includes a variety of associated fall protection and retrieval products.
CON-SPACE purchased LYNX-SCT for $38,089 in cash plus 127,792 common shares, issued at $0.50 per share for a value of $63,896. The total $101,985 purchase price paid for actual inventory and company assets. A further $25,000 worth of shares may be paid for goodwill in the future depending on the sales and expense performance of this new product line. LYNX-SCT is now CON-SPACE EUROPE, a division of CON-SPACE Communications (UK) Ltd.
"This is the first of a series of planned acquisitions," said Swanson, "however, each acquisition must complement our current operation and be fully absorbed into our over all structure before another is considered. A number of companies have approached us but the synergy has to be right."
CON-SPACE is known for its unique line of specialized communication equipment designed for use by those that must work in and around confined spaces, hazardous environments and explosive atmospheres. Its products are now used worldwide and CON-SPACE is recognized as the world leading authority on such equipment.
James L. Swanson
Home | Products | Confined Space | Equipment Applications About CON-SPACE | Contact Us | Site Map |