Orcatron Communications announces completion of initial public offering.PORT COQUITLAM, British Columbia--(BUSINESS WIRE)--April 2, 1996--Orcatron Communications Ltd. (the "company") announced that Tuesday it completed its initial public offering of 1.35 million common shares at an issue price of 75 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. through the facilities Yorktown Securities Inc. of Calgary. The company is listed on the Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). and trades under the symbol OCT OCT ornithine carbamoyltransferase; oxytocin challenge test. OCT ornithine carbamoyl transferase, a liver specific enzyme. OCT Oxytocin stress test, see there . The net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of the offering will be used for marketing activities and working capital for the company's new underwater communications product, the Scubaphone Sport. Affordably priced to consumers at below $500 (USDLR), the Scubaphone Sport offers a new dimension in safety and enjoyment of the diving experience. For instructors and divemasters, the Scubaphone Sport is an invaluable tool, adding immensely to the safety and efficiency of diver training Diver training is the process of developing skills and building experience in the use of diving equipment and techniques so that the diver is able to dive safely and have fun. . The new product was unveiled to the diving world and was very well received at an exhibition in New Orleans New Orleans (ôr`lēənz –lənz, ôrlēnz`), city (2006 pop. 187,525), coextensive with Orleans parish, SE La., between the Mississippi River and Lake Pontchartrain, 107 mi (172 km) by water from the river mouth; founded in January of 1996. Yorktown Securities, as agent, and other registered subagents, also received Brokers Warrants entitling them to purchase an aggregate of 337,500 common shares. The warrants will be exercisable at any time up to the close of business 18 months from April 2, 1996, with an exercise price of 75 cents per share, until April 2, 1997, and of 87 cents thereafter. The company's board of directors has granted, subject to regulatory and shareholder approval, options to purchase up to a maximum of 773,000 common shares in the capital of the company, to directors, officers and employees of the company. The options have an exercise price of 75 cents per share, are nontransferable and expire April 1, 2001. Backed by more than 10 years of experience, Orcatron is recognized as the world leader in engineering, design and production of high-quality, wireless underwater communications systems for diver, submarine and ship intercommunication in·ter·com·mu·ni·cate intr.v. in·ter·com·mu·ni·cat·ed, in·ter·com·mu·ni·cat·ing, in·ter·com·mu·ni·cates 1. To communicate with each other. 2. To be connected or adjoined, as rooms or passages. . Orcatron has distributors in more than 40 countries and is an exclusive supplier of underwater communication systems to several anti-terrorist, coast guard, fire, police, rescue, army, navy and special-forces organizations worldwide. The company currently offers eight products for the commercial/military market and several models of the Scubaphone Sport for the recreational market. For more information, contact Bent Larsen, president of the company, at 604/941-7909, or via mail at 1595 Kebet Way, Port Coquitlam, British Columbia Port Coquitlam is a city in British Columbia, Canada. Located 27 km east of Vancouver, it sits at the confluence of the Fraser River and the Pitt River. Coquitlam borders it on the north, the Coquitlam River borders it on the west, and the cities of Maple Ridge and Pitt , V3C 5W9. -0- NOTE: The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. CONTACT: Orcatron Communications Ltd., Port Coquitlam Bent Larsen, 604/941-7909 |
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