For Immediate Release – January 18, 2002
Toronto, Ontario – Spectra Inc. (SSA: CDNX) reports that it has completed a $575,000 private placement of 3,833,333 shares at a deemed price of $0.15 per share, as reported in Stockwatch on September 4, 2001.
In consideration for arranging $300,000 of the private placement, American Capital Partners Ltd. received a finders fee of $7,500 in cash and the issuance of 150,000 common shares of the company, at a deemed price of $0.15 per share.
All shares issued or issuable in connection with the financing are subject to a four-month hold period ending May 16, 2002.
Proceeds from the private placement are being used for working capital and inventory purposes.
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 ® line of anti-corrosion and extreme pressure lubricants.
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 |
