Axion Spatial Imaging Inc. Continues to Grow -- Company Update
EDMONTON, Alberta, Nov 26, 1999 (BUSINESS WIRE) -- Axion Spatial Imaging Inc. (Pink Sheets:AXON), announced today, changes to it's executive team as well as financial updates of the first six weeks of the fourth quarter.
The Company would like to advise that the Chief Executive Officer of Axion, Mr. Charles Martin, has submitted his resignation to the company, effective November 30th 1999. The company has appreciated Mr. Martin's efforts and past direction in taking Axion public and helping it to grow to the successful company it has become.
Effective December 1st 1999, Axion is very pleased to announce that we are welcoming to our executive team a new Chief Executive Officer, Mr. Markus Lemke. Markus comes to Axion most recently from the position of managing strategic marketing communications for the Canadian subsidiary of General Dynamics Corporation, Computing Devices Canada, Ltd. He has an extensive background in international relations, marketing, and communications within both the private and public sectors. "Markus will be joining me, taking on the primary responsibility for strategic marketing and communications planning, investor relations, corporate and contractual issues, and issues related to the public market and Securities Commission," said Ian Basford, President. Ian added, "We were particularly looking for someone with these specific qualities, to integrate with the strong technological, financial and project management expertise already here at Axion. Simply put -- Axion has further strengthened its base, and is ready to begin providing you, our shareholders, with a truly significant return in exchange for your confidence in Axion."
Axion also announced today that through a series of strategic contracts, partnerships and new business, our revenues for the first six weeks of the fourth quarter this year exceed C$215,000 -- note that this exceeds the total revenue for the first two quarters of 1999 combined. Not only are our revenues up significantly, the overall financial position has been notably strengthened. Within the last couple of months, the company has raised US$300,000 in investment capital, and converted US$416,606 (C$622,203) of debt to equity for a total issuance of 2,183,133 shares. This capital will be applied to a concerted and carefully planned marketing and sales effort, among a series of targeted opportunities for next year and beyond.
Axion Spatial Imaging Inc. has been working hard to ensure that its infrastructure is sound, its capabilities are firmly in place, and its profitability continues to increase. Axion is growing. |
