For Immediate Release – March 1, 2001
Toronto, Ontario – Spectra Inc. (SSA: CDNX) announces that it has completed bank financing arrangements with the Toronto Dominion Bank and the Business Development Bank of Canada. Spectra has put in place a $50,000 operating line with the Toronto Dominion Bank and has secured a working capital loan of $100,000 from the Business Development Bank.
Andrew Malion, chairman of Spectra Inc. commented, “These financings have been completed to ensure that the appropriate working capital is available to meet the start up orders from Bendix Commercial Vehicle Systems for our visual brake stroke indicators.”
Spectra recently announced an exclusive North American Distribution Agreement with Bendix Commercial Vehicle Systems for the purchase, distribution and sale of its visual brake stroke indicator system to the transportation industry. Spectra values the agreement at approximately $4 million Canadian.
Spectra Inc. is a vertically integrated supplier of innovative products and services to the Commercial Transportation Industry and the Professional Trucker. Spectra’s product line improves fleet safety and productivity and includes Brake Inspector TM, an electronic brake diagnostic system, Brake Safe TM, a visual brake stroke indicator, the Termin-8r TM line of anti-corrosion and extreme pressure lubricants and the revolutionary SmarTire TM, a wireless tire monitoring system. Spectra is positioned through its ISP portal, “Truckinguniverse.com”, to be a leading supplier of information to the transportation industry on the Information Superhighway, providing today’s modern trucker fast and easy access to industry specific information required to maximize profits and minimize down time.
On behalf of the Board of Directors,
Andrew J. Malion, Chairman, Spectra Inc. www.spectra-ssa.com
Investor Relations: 1-800-308-5255 E-Mail: ssa@spectra-ssa.com
The TSX VENTURE Exchange has neither approved nor disapproved the information contained herein |
