Pace Completes $1.3 Million Financings.TORONTO--(BUSINESS WIRE)--May 8, 1997--PACE CORPORATION (CANADIAN DEALING NETWORK Canadian Dealing Network (CDN) The organized OTC market of Canada. Formerly known as the Canadian Over-the-Counter Automated Trading System (COATS), the CDN became a subsidiary of the Toronto Stock Exchange in 1991. :PACL PACL Polyaluminium Chloride (water treatment) PACL Palo Alto CARET Laboratory PACL Port Access Control List PACL Power Assurance Check Left PACL Port-Based Access Control List (Cisco) PACL Port Based Acl .) The Pace Corporation today announced it has completed its previously reported $1.1 million private placement of secured debt. Agent for the financing was HDL (Hardware Description Language) A language used to describe the functions of an electronic circuit for documentation, simulation or logic synthesis (or all three). Although many proprietary HDLs have been developed, Verilog and VHDL are the major standards. Capital Corporation, of Toronto which, because of demand, also completed a small private placement of an 8 percent five year floating convertible debenture Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. for proceeds of $200,000. Dr. Jeremy Clapp, President of Pace, said the funds will be added to working capital. He noted that, combined with the proceeds from a small equity placement now under consideration, the Company has sufficient resources to maintain its current development and marketing programs. Pace expects that its continued growth of product sales should permit the Company to reach cash positive operation later this year. The Pace Corporation is an international company which develops, manufactures, markets and distributes easy to use, accurate and cost effective medical diagnostic and environmental test kits. Its primary areas of interest include: i) the early differential diagnosis of heart damage, North America's number one killer, ii) the detection and evaluation of lead contamination, the largest environmental issue in the history of the United States “American history” redirects here. For the history of the continents, see History of the Americas. The United States of America is located in the middle of the North American continent, with Canada to the north and the United Mexican States to the south. ; iii) the detection of antibodies, associated with AIDS; and iv) environmental consulting and laboratory services. The Pace Corporation has 33.5 million shares outstanding and its shares trade on the Canadian Dealing Network (CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. ) under the symbol PACL. CONTACT: The Pace Corporation Dr. Jeremy Clapp, 905/709-1196 or Hume, Kieran Inc. Jon W. Kieran, 416/868-1079 or Hume, Kieran Inc. Cathy Hume, 416/868-1079 |
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