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OCS TECHNOLOGIES CORP. COMPLETES PRIVATE PLACEMENT

 RICHMOND, British Columbia, March 26 /PRNewswire/ -- OCS Technologies Corp. (Toronto, Vancouver: OCS) announced today that Loewen, Ondaatje, McCutcheon Ltd., First Marathon Securities Ltd., and Midland Walwyn Capital Inc. has completed the private placement of 2,760,000 special warrants of OCS Technologies Corp. at a price of $4.50 per special warrant, with aggregate proceeds of $12,420,000. Each special warrant entitles the holder thereof to acquire (without additional consideration) one common share in the capital of OCS and one half of a common share purchase warrant. The monies were advanced this day to OCS's registrar and transfer agent, Montreal Trust Company of Canada and are being held in trust. OCS has covenanted to file a prospectus in Manitoba, British Columbia, Nova Scotia and Ontario and obtain a receipt therefore from the regulatory authorities in each of those provinces by Aug. 31, 1993. If a receipt for the prospectus is not issued by a securities regulatory authority in any of those provinces, holders of special warrants in such province will be entitled to acquire (for no additional consideration), in respect of each special warrant held, 1.1 common shares of OCS and 0.55 of a common share purchase warrant. Each whole common share purchase warrant is exercisable into one common share of OCS at a price of $5 per common share until Aug. 31, 1994. OCS plans to use the net proceeds of the offering to fund the acquisition of all of the outstanding shares of Atkisson and Associates Inc., additional acquisitions if, as and when identified, the working capital requirements of such acquisitions when completed and OCS's general working capital requirements.
 OCS Technologies is headquartered in Richmond. The company's primary business is the supply of justice information software and services. OCS's software products and services are used by Public Safety Agencies including Law Enforcement, Fire and Emergency Health Services, Municipal and County Courts, Prosecutor's Office and in the administration of jails, prisons, parole and probation agencies. OCS helps these important public sector agencies do their jobs better for all of us.
 -0- 3/26/93
 /CONTACT: Neil F. Hummel, director and secretary of OCS Technologies, 604-273-8045/
 (OCS.)


CO: OCS Technologies Corp. ST: British Columbia IN: SU:

EH -- LA014 -- 0048 03/26/93 11:58 EST
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Publication:PR Newswire
Date:Mar 26, 1993
Words:378
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