Pioneer Services International Ltd. Completes Private Placement Offering
BOCA RATON, Fla.--(BUSINESS WIRE)--March 25, 1998--Pioneer
Services International Ltd. (OTC BB:PSVC) announced Wednesday that it
completed, as of March 13, 1998, a private placement of restricted
common shares. Gross proceeds of $670,700.00 were raised. According
to Richard M. Lilly, an Indianapolis Securities principal and a
financial advisor to Pioneer Services, this private placement was
oversubscribed due to the considerable investor interest in promising
clinical research and potential industrial applications for the
company's patented bio-electromagnetic process and technology. To
accommodate interested investors, Pioneer Services expanded the
original $450,000.00 offering.
Funds raised from the private placement will help underwrite
important basic scientific studies and clinical research, currently
underway or pending, at major universities and other research centers.
All scientific studies and clinical research will incorporate patented
Jacobsen Resonance technology. Participating research centers and the
projects they are working on include: Cornell University Medical
College (nerve repair and growth with both in vivo and in vitro animal
studies), University of Oklahoma Health Sciences Center (reduction of
epilepsy seizures and the correcting of cardiac disorders in dog
models), and at The National Medical and Research Institute (treatment
of chronic pain and osteoarthritis of knee joints).
Another portion of the funds raised will support the ongoing
prototype development of the next generation or resonators.
Development work is currently being performed by GB-Tech Prototype
Labs (a NASA subcontractor) at Stennis Space Center, as well as F.D.A.
initiatives currently underway by the company.
Pioneer is also pursuing numerous opportunities with significant
commercial potential. Projects being explored include beverages with
quick absorption properties, improved building materials, industrial
and specialty coatings, enhanced pharmaceuticals, improved
agricultural productivity and innovative environmental technologies.
Pioneer Services is positioning itself to be an innovator in
bio-electromagnetic and bio-medical technologies, with complementary
commercial opportunities.
For further information direct your inquiries to the company
attention Dr. Frank A. Chaviano 561/477-8020.
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This release contains forward-looking statements that are subject
to risks and uncertainties, including but not limited to, certain
delays beyond the company's control with respect to business events,
regulatory approvals, and other risks detailed from time to time in
the company's filings with the Securities and Exchange Commission.
CONTACT:
Pioneer Services International Ltd., Boca Raton
Dr. Frank A. Chaviano, 561/477-8020
KEYWORD: FLORIDA
BW1303 MAR 25,1998
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