Spartec International Corporation Private Placement Proposed of up to $1 Million.TORONTO--(BUSINESS WIRE)--Sept. 15, 1997--Spartec International (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. : SPTC SPTC Southern Pacific Transportation Company SPTC Satellite Production Test Center (DoD) SPTC Specified Period of Time Contract .) Spartec International Corporation ("Spartec") proposes to raise up to $1 million via a private placement of 10 percent subordinated convertible notes. The notes will be for a term of eighteen months and will have warrants attached entitling the holder to purchase one Common share of the Corporation for each $1 of principal at an exercise price of $0.25. In addition, the note holder may convert their notes into common shares of the Corporation at any time during the term at a price of $0.25 per share. Spartec has the right to redeem redeem v. to buy back, as when an owner who had mortgaged his/her real property pays off the debt. The term also refers to paying the amount due and all charges after a foreclosure (due to failure to make payments when due) has begun. the note for its face value plus any accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. up to the date of conversion. The funds will be used for working capital. The final closing is subject to regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. approval. Spartec is focused on supplying a line of proprietary products to the industrial process control industry. The Company recently introduced to the market a programmable motor controller ("Multi- multi- word element [L.], many. multi- pref. 1. Many; much; multiple: multiarticular. 2. More than one: multiparous. Drive") that is software rather than hardware configured con·fig·ure tr.v. con·fig·ured, con·fig·ur·ing, con·fig·ures To design, arrange, set up, or shape with a view to specific applications or uses: in design. A motor controller operates the speed and torque of an electric motor. The underlying concept of Spartec's Multi-Drive is a single hardware design which can run the four principal motor groups by simply changing a memory module (software) known as a FlyteCard(TM). This proprietary drive reduces the number of controllers required to operate the most popular range of electric motors from 187 conventional models down to only 17. We believe this revolutionary approach to design will have a significant impact on the motor controller industry which is estimated to be US$2.2 billion in yearly sales in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and growing at 7 percent annually. -0-
Common Shares Outstanding: 36,752,000 (basic)
40,500,000 (fully-diluted)
CORPORATE ADDRESS INVESTOR RELATIONS
1515 Matheson Blvd., East c/o 150 York Street
Unit B5 & B6 Suite 1804
Mississauga, ON L4W 2P5 Toronto, ON M5H 3S5
Tel: (905) 602-7020 Tel: (416) 214-6380
Fax: (905) 602-8666 Fax: (416) 214-0661
E-mail: Spartec@orbonline.net E-mail: que@sympatico.ca
Electro-Flyte and FlyteCard are trademarks of Spartec International Corporation. CONTACT: Spartec International Corporation John McKimm, 416/214-0655 or Spartec International Corporation Andrew Mills, 905/602-7020 |
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