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Pro Tech Venture Corp News Release
Proceeding with acquistion Pro Tech Venture Corp PTV Shares issued 5,248,968 Jul I 1 close $0.72 Tue 27 Aug 96 News Release Mr Richard Freeman reports
The company is proceeding to acquire the Canadian rights to a loyalty cash rebate savings plan developed by Accsys Management of Vancouver, BC. The exact terms of the acquisition are still being finalized and the acquisition of Accsys will constitute either a change of business or reverse takeover under VSE rules. The company will remain halted from trading by the VSE pending regulatory approval to this acquisition. The previous board of directors has resigned and the company has appointed a new board of directors with significant experience and background to manage the company. The board of directors now consists of Mr Richard Freeman, Mr Neville Abreo and Ms Elaine Hay. Ms Brenda Sutton has been appointed secretary. Mr Freeman, formerly vice-president stores, Woodward's Ltd and associate director in charge of Canadian operations for HK Retail Concepts, an internationally recognized US based retail consulting firm, has been appointed president. Ms Hay is formerly a senior retail store executive with The Hudson's Bay Company and Woodward's Ltd and is currently president of Campbell Edgar Inc, a Vancouver based national retail management recruiunent enterprise. Mr Abreo is a director of Global Teleworks, a telecommunications company and an officer of Nighthawk Capital Inc, a merchant banking facility in Sydney, Australia. Mr Freeman and Mr Abreo are also currently officers of Accsys.
The company had previously announced a private placement on June 24 1996 of $150,000 and a private placement on May 29 1996 of $390,000. Neither of these private placements will be proceeding at this time.
Over the last six weeks, the company has been consulting with the VSE to resolve any outstanding issues and the VSE has now agreed to lift the suspension of the company. The company will remain halted by the VSE until such time as it completes its acquisition of Accsys.
(c) Copyright 1996 Canjex Publishing Ltd. canada-stockwatch.com
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Friday, August 30, 1996 Page: 1 |
