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Air Packaging Technologies Inc - News Release
Sales representatives in Silicon Valley increased; Swiss bank liquidates
shares
Air Packaging Technologies Inc V.APT AIRP OTCBB Aug 26 close $0.34
Wed 27 Aug 97
NEWS Release
Mr Garvin McMinn reports:
On successfully completing almost four years of a test and development program with Motorola, a marketing strategy focus was established for the Silicon Valley, CA which was implemented in mid May 1997. Air Packaging Technologies has three sales representatives operating out of Valencia, CA and, after having better than anticipated success with its sales strategy in the Silicon Valley, the company has added one more full time experienced sales representative there. The company now has two full time sales
representatives in the Silicon Valley - San Jose area bringing the total to five sales representatives. As a result of its success, the company has received a commitment by Farrell Financial Ltd & Associates to continue financing the company's program, which also consists of adding additional engineering staff as the company ramps up its production capabilities.
On May 23 1997 the convertible debenture holder, a Swiss bank, convertedthe debenture for shares thereby eliminating the company's long term debt.The bank in Switzerland, as a result of management changes, has been in the process of liquidating its large share position. A director of Air Packaging Technologies has arranged for a long term holder to acquire this position from the Swiss bank.
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(In SHORT, Increase sales staff to meet sales demand for product and decrease long term liabilites)
Thanks for shareholder support
RICH |
