February 26, 1998
NEWS RELEASE NO. 98-005
RICHMOND-Mr. James L. Swanson, Chairman of CON-SPACE COMMUNICATIONS LTD., (VSE: CCB), announced today that the Company has granted, subject to approval by the Vancouver Stock Exchange, 591,000 Incentive Stock Options to its employees and directors. Each option will represent the ability to purchase one Common Share of the Company at a purchase price of $0.41 per share. The options are exercisable on or before February 28, 2000. The average closing price of the Company's shares was $0.37 during the preceding ten day trading period.
The Company will also be submitting to the Stock Exchange for approval to alter the current outstanding 50,000 Stock Options to coincide in price and expiry date with the above granted Incentive Stock Options.
"Our employees make this company possible," said Swanson, adding, "it is our pleasure to provide them with the opportunity to benefit from the growth they help create."
CON-SPACE is the World leader in the design and development of specialized voice communication equipment used in high noise locations, hazardous atmospheres, and potentially explosive environments. These products have become the industry standard throughout North America and are now making strong headway in Europe, Australia and Asia. Recently, the Company announced expected increases in its rate of growth, which has averaged 33.6 percent annually since the company began sales in 1992. To substantiate this increase it announced last week that SCOTT AVIATION, the major supplier of professional breathing apparatus in North America, had selected CON-SPACE to design and build the "SCOTT Con-SpaceLink", a unique microphone and speaker attachment that connects SCOTT's premium Facepiece to any CON-SPACE communication system.
Included in the CON-SPACE customer base are Utilities, Municipalities, Airlines, Shipbuilding, Fire Departments, General Industry and all branches of the Military.
James L. Swanson
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