UNITEC TO ESTABLISH NEW OIL & GAS TECHNOLOGY DIVISION IN SASKATCHEWAN
Unitec International Controls Corporation today announced, subject to the approval of the Vancouver Stock Exchange of its financial arrangements, that it will establish a new Oil & Gas Technology Division in the Province of Saskatchewan.
John B. Smyth, President, announced that the company expects to select an operating site and begin recruiting new staff within the next month. The new division will develop and market oil & gas related technology products through the Company's growing domestic and international distribution channels.
The Saskatchewan Opportunities Corporation (SOCO) will provide $2 million in a combination of loan and debenture financing for the new operations. The loan will be for $1 million with a five year term, while the debenture of a further $1 million will be for a three year term, convertible into common stock of the Company at $1.00 per share. A 200,000 share bonus will be provided in consideration of the loan. SOCO will also be granted 500,000 warrants with an exercise price of $1.00 for a 2 year period.
SOCO is a Crown corporation of the Government of Saskatchewan with a mandate to facilitate economic development in Saskatchewan through investment in viable business.
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 Southeast Asia.
For further information or to obtain a current Fact Sheet, contact:
Howard Jampolsky, Vice President, Corporate Relations
Phone: 604 420-8025 Fax: 604 420-9727
E-mail: adminuic@unitec.ca. Website: unitec.ca.
The Vancouver Stock Exchange has neither approved nor disapproved the information contained herein.
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