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PACIFIC ASIA SIGNS LETTER OF INTENTS FOR PRIVATE PLACEMENT AND U.S. PUBLIC OFFERING

 VANCOUVER, British Columbia, March 8 /PRNewswire/ -- Pacific Asia Technologies, Inc. (VSE: PFT.V) announced today that it has signed a letter of intent with a U.S. broker-dealer firm, with respect to a two-stage financing.
 The first stage of the financing will consist of a private placement of units of no less than US$1 million and no more than US$2 million on a "best efforts" basis. Each unit shall consist of (i) a promissory note of the company in the aggregate principal amount of US$50,000, (ii) a right to receive 25,00 shares of convertible preferred stock of the company, with each share of convertible preferred stock convertible into two shares of common stock and (iii) 200,000 warrants, each of which shall entitle the holder to purchase one share of common stock of the company at a purchase price equal to 120 percent of the market price of the common stock.
 The second stage of the financing will consist of a public offering, on a firm commitment basis, which will yield total gross proceeds between US$12,480,000 and $14,880,000. The public offering will be registered with the Securities and Exchange Commission the United States.
 The private placement will be offered to prospective investors only by means of a private placement memorandum and the public offering will be made only by means of a prospectus, following registration of the securities being offered under the United States Securities Act of 1933, as amended. The public offering will be made in the United States.
 It is anticipated that upon completion of the public offering that the preferred stock and warrants will be listed for trading on the National Market System of NASDAQ in the United States.
 Pacific Asia Technologies licenses and markets a highly specialized modified atmosphere packaging technology initially originated by the University of British Columbia. Modified atmosphere packaging uses low temperatures semi-permeable packaging and mixtures of non-toxic inert gases to slow the decay of perishables and extend their shelf life. The company's technologies, Maptek Fresh and Tamfresh, constitute an advanced form of modified technology since they integrate all aspects of the treatment of fresh fruit, vegetables and flowers from field to consumer into a single "produce handling system." Maptek Fresh enables produce to be harvested when it is ripe and transported worldwide, in whole or sliced form, and extends shelf life. Tamfresh combines Maptek Fresh Technology with a boxing process to produce the Tamfresh box which enables whole produce to be transported without significant loss of moisture, texture, aroma or flavor.
 The Vancouver Stock Exchange has neither approved nor disapproved the contents of the news release.
 -0- 3/8/93
 /CONTACT: Roy Robinson, secretary of Pacific Asia Technologies, 604-322-0487/


CO: Pacific Asia Technologies, Inc. ST: British Columbia IN: SU:

TS-SM -- NY074 -- 4167 03/08/93 15:43 EST
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Publication:PR Newswire
Date:Mar 8, 1993
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