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Microcap & Penny Stocks : Pacel (PLRP): If NASA likes them, shouldn't we? -- Ignore unavailable to you. Want to Upgrade?

To: FARcom who wrote (3146)	8/20/2001 8:41:25 PM
From: FARcom	Respond to of 3171

HeeHee! From Edgar... 2. Subsequent Events In August we received a commitment from North Coast Investment, Inc., to provide us with $550,000 in short-term financing. The commitment provides that the note will bear an interest rate of 10% and have a balloon payment in eight months. In July 2001, Pacel Acquisitions Corp. a wholly owned subsidiary entered into a letter of intent to purchase the stock of Advantage Systems, Inc., a computer manufacture. Under the letter of intent, Pacel Acquisitions Corp. will pay $70,000 and assume $450,000 in debt. As part of this transaction, Pacel Acquisition Corp. intends to issue a $1,000,000 note, convertible into stock of Pacel Acquisition Corp. The note bears an interest rate of 8%. The proceeds from this note are designated only for the expenses related to the acquisition of Advantage Systems, Inc., and working capital for Fairfax Communications Limited (FCL) and Advantage Systems. We believe that the purchase of this company will give FCL the ability to sell our hardware rather than Gateway's or Dell's, to NATO. In doing so we expect to be able to increase our margins. This company will also allow Pacel to use Advantage Systems' established customer base for the distribution of its software products.