UNITEC ARRANGES $500,000 FINANCING
Subject to regulatory approval, Unitec is pleased to announce the arrangement of $500,000 in private financing, consisting of a $300,000 Convertible Debenture and a $200,000 term loan. The Debenture will have a two year term, convertible to common shares of the Company at $0.40 in the first year and $0.45 in the second year. Subject to regulatory approval, the Company has agreed to pay a bonus of 50,000 shares to the lender.
The proceeds of this financing will be used to retire an existing loan in the amount of $200,000 and provide an additional $300,000 to improve the Company's working capital position and to accelerate production of in-house projects. Unitec currently has an order backlog in excess of $5 million, and is completing a total of 14 projects in Brazil, Chile, St. Vincent, Malaysia as well as North America.
Unitec is an emerging growth company specializing in advanced technology telemetry, SCADA (Supervisory Control and Data Acquisition) systems and environmental monitoring equipment for the water, electricity, oil & gas and transportation sectors. It distributes its products and services through an expanding network of independent agencies in North and South America, the Caribbean, Middle East and S. E. Asia.
For further information or to obtain a current Fact Sheet, please contact Howard Jampolsky, or Tina Hoogeveen at (604) 420-8025 or email adminuic@unitec.ca. Updated product, corporate or trading information may be accessed on Unitec's Internet Homepage at: unitec.ca.
On Behalf of the Board of Directors,
"John B. Smyth"
John B. Smyth,
President and Director |
