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Gold/Mining/Energy : Unitec Int. Controls Inc. -- Ignore unavailable to you. Want to Upgrade?

To: GARNET who wrote (825)	7/19/1999 1:42:00 PM
From: GARNET	Read Replies (1) \| Respond to of 856

July 16, 1999 CUSIP # 90924R104 VSE Symbol: V.UIC SEC. # 82-2551 UNITEC INTERNATIONAL CONTROLS CORPORATION - NEWS RELEASE Unitec announced today that it has restated its Audited Consolidated Financial Statements for the year ended November 30, 1998 and its First Quarter Interim Consolidated Financial Statements for the period ended February 28, 1999. Upon reflection of contracts in process and inventory calculations, the Company's Auditor has determined that the values were understated by approximately $300,000.00 and accordingly has reissued his report and accompanying statements. Management has revised the interim statements accordingly. The Company also announces the closing of a $370,000 convertible debenture financing with Saskatchewan Opportunities Corporation (SOCO). As previously announced, the debenture has a term of 3 years and is convertible at a rate of $1.00 per share. On closing, SOCO was also issued 185,000 share purchase warrants exercisable for two years at $1.00 per share. The remainder of the $1,000,000 total convertible debenture financing and 500,000 share purchase warrants is expected to complete later this summer. Proceeds from this financing are allocated to assist the establishment of the Company's new Regina operations. 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 and 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. On Behalf of the Board of Directors, John B. Smyth, President and Director For further information, contact: Phone: 1(604) 420-8025, Fax: 1(604) 420-9727 Phone: 1(306) 565-1470, Fax: 1(306) 565-1475 E-mail: adminuic@unitec.ca, Website: unitec.ca The Vancouver Stock Exchange has neither approved nor disapproved the information contained herein. Back