C.E.C. Industries Announces Financing and Acquisition Memorandum.Business Editors LAS VEGAS--(BUSINESS WIRE)--June 9, 2003 C.E.C. Industries, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :CECC CECC China Electronic Chamber of Commerce CECC Community Early Childhood Council CECC Central Eglinton Community Centre CECC California Educational Computer Consortium CECC Civil Emergency Crisis Cell CECC Chicago Energy Conservation Code ) has announced today that it has entered into an Investment Letter 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, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of C.E.C., Industries. C.E.C., Industries is a Nevada Corporation A Nevada Corporation is a corporation chartered under the laws of the U.S. state of Nevada. Nevada, like the state of Delaware (See Delaware corporation), is well known as a corporate haven. 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 The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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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