DRAFT
For Immediate Release – May 24, 2002
Toronto, Ontario – Spectra Inc. (SSA: TSX Venture) announces that it plans to file for acceptance by the TSX Venture Exchange a proposed private placement of up to 2,000,000 common shares at a price of $0.25 per share for aggregate gross proceeds of up to $500,000. The proceeds will be raised solely from arm’s length third parties and will be used for general working capital including expansion of Spectra’s sales organization.
The Corporation proposes to pay a finder’s fee up to 9.0 percent of gross proceeds of the private placement in cash or the issuance of common shares at a price of $0.25 per share in accordance with the policies of the TSX Venture Exchange. The proposed private placement and applicable finder’s fee would be subject to hold periods under applicable securities legislation.
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 SafeTM and SureStroke,TM visual brake stroke indicators, Brake Inspector,TM a new, advanced electronic air brake diagnostic system 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 Corporation’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 |
