REVISED
For Immediate Release – September 4, 2001
Toronto, Ontario – Spectra Inc. (SSA: CDNX) announces that it plans to file for acceptance by the Canadian Venture Exchange, a proposed private placement of up to 10,000,000 common shares at a price of $0.15 per share for aggregate gross proceeds of up to $1,500,000. The proceeds would be raised solely from arm’s length third parties and would be used for general working capital. The proposed private placement would be subject to hold periods under applicable securities legislation.
After giving effect to the proposed private placement, any single placee could hold a material share position in the Corporation, representing in excess of 10% of the issued and outstanding shares of the Corporation. Assuming the private placement is fully subscribed, the placees would hold up to 10,000,000 Common Shares representing approximately 31.7% of the Corporation's issued and outstanding Common Shares.
The Corporation will seek shareholder consent to the proposed private placement.
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 increases productivity, reduces maintenance costs and improves fleet safety and includes Brake Safe TM and SureStroke TM, visual brake stroke indicators, and the Termin-8R TM line of anti-corrosion and extreme pressure lubricants. Spectra is positioned with its future ISP portal, Truckinguniverse.com to be a leading supplier of information to the transportation industry on the Information Superhighway.
Except for the historical information contained herein, this news release contains forward looking statements that involve risks and uncertainties, including the impact of competitive products and pricing and general economic conditions as they affect the Company’s customers. Actual results and developments may therefore differ materially from those described in this release.
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 |
