Service Systems Acquires 100% ownership of UV Systems Technology Inc.
Service Systems International Ltd.
FOR IMMEDIATE RELEASE
OTC/BB: SVSY
Service Systems Acquires 100% ownership of UV Systems Technology Inc.
VANCOUVER, British Columbia - February 16, 2000: Service Systems International Ltd. (OTCBB: SVSY) - under an agreement, has acquired from GrowthWorks Capital Ltd., the managers of Working Opportunity Fund, and MDS Ventures Pacific Inc., their 49.3% share holdings of UV Systems Technology Inc. The agreement gives Service Systems shareholders 100% ownership of UV Systems Technology Inc.
In the above transaction, debt amounting to $2,575,573 was exchanged for 4,213,832 restricted common shares of Service Systems, accrued interest amounting to $147,865 was forgiven and other related parties agreed to defer repayment of their debt of $206,230 until June 30, 2001.
David Levi, President and CEO of GrowthWorks Capital Ltd., Manager of the Working Opportunity Fund, said, "Now that Service Systems and its shareholders have 100% ownership of the Ultra Guard(tm) UV system, the company can truly make its mark in the rapidly expanding UV industry. We are confident that Service Systems will take this opportunity to advance in this growing industry."
David Scott of MDS Ventures Pacific Inc. commented, "This is a real win-win situation for all parties concerned. Due to recently demonstrated accomplishments and announced orders, we believe that Service Systems has matured to the extent that real value has been developed and real growth can be accomplished. With the exchange of Service Systems equity for our debt in UV Systems Technology, we will share in this growth."
Ken Fielding, President of Service Systems stated "this is a significant event in the ongoing development of the Company. The restructuring will allow the Company to move forward in obtaining financing, additional bonding facilities and joint venture opportunities. In addition, the Company is aggressively pursuing its opportunities in California where Title 22 designation approval is expected soon."
Ultra Guard(tm), UV System's patented technology has the ability to disinfect wastewater and potable water, using significantly fewer lamps than alternative UV systems provided by industry leader Trojan Technologies Inc. (TSE: TUV), and other suppliers, PCI-Wedeco and Infilco Degremont. Increased interest and activity in the potable water sector of the UV industry was evident at the National Water Research Institute UV 2000 Symposium held in Carlsbad, California on January 27-28, 2000. During this Symposium, Robert Hultquist, PE, California Department of Health Services indicated that the trend for disinfection for water and wastewater would seem to point to UV becoming the disinfection method of choice for California.
About GrowthWorks Capital Ltd.
GrowthWorks Capital Ltd. is a fund management company with proven expertise in raising and investing capital. GrowthWorks strives to successfully invest equity capital in and provide practical business advice to ethical, innovative, rapidly growing, entrepreneurial companies. GrowthWorks Capital is the manager of the Working Opportunity Fund and is currently establishing other funds under its management.
About MDS Ventures Pacific Inc.
MDS Ventures Pacific Inc., the Vancouver-based subsidiary of MDS Capital Corp., provides financial and management support to managers of high-growth enterprises in the biotechnology, medical devices, and health-related fields. MDS Ventures Pacific is affiliated with MDS Inc., Canada's largest diversified, technology-based health-care company.
**Certain of the foregoing information are forward-looking statements regarding future events or the future financial performance of the company, and are subject to a number of risks and other factors which could cause the actual results to differ materially from those contained in the forward-looking statements. Among such factors are: general business and economic conditions, customer acceptance of and demand for the Company's products, the Company's overall ability to design, test, and introduce new and improved products on a timely basis, regulatory constraints, and the risk factors listed from time to time in documents filed by the Company with the SEC.
Contact: Investor Relations at 1-888-516-7766 or 1-800-542-8091
E-mail: rrc@rrcomm.com
www.servicesystems.com |
