C.E.C. Industries Announces Financing and Acquisition Memorandum.Business Editors LAS VEGAS--(BUSINESS WIRE)--June 9, 2003 C.E.C. Industries, Inc. (OTC:CECC CECC - CENELEC Electronic Component Committee CECC - Central Eglinton Community Centre CECC - China Electronic Chamber of Commerce CECC - Civil Emergency Crisis Cell CECC - Community Early Childhood Council CECC - Corps of Engineers Office of Chief Counsel) has announced today that it has entered into an Investment Letter Investment letter A letter of intent between the issuer of new securities and the buyer, in the private placement of these new securities. The letter of intent establishes that the securities are being bought for a minimum time period and are treated as an investment, not for resale. If no such letter exists, the securities must be registered with Securities and Exchange Commission. of Intent with Ascot Investments, Inc. for a term of 36 months for a $20,000,000 equity collar Equity collar The simultaneous purchase of an equity floor and sale of an equity cap. to be funded through a proposed SB-2. Additionally, C.E.C. Industries has entered into a Memorandum of Proposed Terms to acquire 50.8% of a company that provides a suite of cash-based debit cards for ATM and debit "point of sale" transactions (the "Company"). In addition, the Company is establishing retail deposit/load centers, enabling cardholders to add value to their card accounts. The "stored value card" products are based upon a proprietary, patent-pending, secure technology. "This initial financing arrangement will provide C.E.C. with funds to pursue its acquisition targets. We are excited about the Company's progress and anticipate further developments in the near future," said Brian Dvorak (hardware) Dvorak - A configuration of (computer) keyboard keys arranged to increase the speed and ease of typing over the normal qwerty layout; the most common characters (for English) have been put on the home row. The standard Dvorak International layout is: `~ 1! 2@ 3# 4% 5^ 6^ 7& 8* 9( 0) [\ \\| '" ,< .> p y f g c r l /? += a o e u i d h t n s -_ ;: q j k x b m w v z, Chairman and CEO of C.E.C., Industries. C.E.C., Industries is a Nevada Corporation which has been working to develop an active business model. Certain statements contained herein are ``forward-looking'' statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, those discussed in filings made by the Company with the Securities and Exchange Commission. |
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