PACEL CORP - News Release - 2002-05-01 21:42
Pacel Issues Update On Progress Of Acquisition Strategy; Adds Two New Board Members
Pacel Issues Update On Progress Of Acquisition Strategy; Adds Two New
Board Members
MANASSAS, Va., May 17, 2002 (BUSINESS WIRE) -- Pacel Corporation (OTCBB:PCEL), a
software applications development company, today issued the following update to
its shareholders on the progress of its acquisition strategy.
Pacel CEO David Calkins, stated, "We are pleased to report our acquisition
program remains on track. Our restructuring program lowered the float in our
stock. Our recent private funding for up to $3 million will fuel our growth
strategies and further supports our goal to control the dilution of our stock.
Of the 60,000,000 shares issued and outstanding, 50,000,000 are in lenders
accounts as collateral for the loan and the remaining 10,000,000 are in the
current float."
To direct and support its acquisition strategy, Pacel is also announcing the
interim appointments of Mr. Brian Bonar and Mr. Mark Absher, Esq. to its Board
of Directors. Mr. Bonar currently serves as Chairman of the Board of Directors
for ITEC Corporation and has held that position since December 1999. From
August, 1995, until assuming the chairmanship, he had served as a director. Mr.
Bonar brings extensive technology sales and marketing experience, including a
position as Vice President of Worldwide Sales and Marketing for Bezier Systems,
Inc., a San Jose, California-based manufacturer and marketer of laser printers.
Mr. Bonar was employed by IBM, U.K. Ltd. for approximately 17 years.
Mr. Mark Absher's legal experience is marked by breadth and significance. He is
a former Law Clerk for Justice Allan L. Stouder of the Illinois Appellate Court,
Third District, and is currently licensed to practice law in both Tennessee and
Illinois. For over 13 years, Mr. Absher has provided legal guidance to clients
in both the private and public corporation world, as well as nonprofit
environments. The official election of Mr. Bonar and Mr. Absher will be voted on
at Pacel's annual shareholder meeting in the summer of 2002.
Calkins added, "Due to finalizing documentation related to a prospective
acquisition, we have applied for an extension for filing our quarterly Form 10Q.
We expect to have these results finalized next week."
Founded in 1994 and headquartered near Washington, DC, PACEL Corp. ("The
Pacesetter in Internet Security") is a software development company that
specializes in Internet and computer security software for home and corporate
use. Further information about PACEL Corp. and its products can be found at
pacel.com or otcfn.com.
When used in this document and in our filings with the Securities and Exchange
Commission, in our press releases, or other public or shareholder
communications, and in oral statements made with the approval of an authorized
executive officer, the words or phrases "will likely result," "are expected to,"
"will continue," "is anticipated," "estimate," "project," or similar expressions
are intended to identify "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. These statements are subject
to certain risks and uncertainties that could cause our actual results to differ
materially from our historical results and those we presently anticipate or
project. You should not place undue reliance on any forward-looking statements,
which speak only as of the date made. Various factors could affect our financial
performance and cause our actual results to differ materially from any opinions
or statements we express with respect to future periods in any current
statements. These factors include, but are not limited to, the following:
increases in our operating expenses outpacing our revenues; our inability to
expand our sales and distribution channels; the failure of strategic
relationships to implement and protect our software products; the failure of
third parties to develop software components necessary for the integration of
applications using our software; and the use of our intellectual property by
others.
CONTACT: OTC Financial Network, Needham, Mass.
Investor Relations:
Rick McCaffrey, 781/444-6100 ext. 621
rick@otcfn.com
or
Global Marketing & Management, Orlando, Fla.
John Overlie, 407/657-8000
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-0-
KEYWORD: VIRGINIA
INDUSTRY KEYWORD: SOFTWARE
ADVERTISING/MARKETING
INTERNET
SOURCE:
Pacel
Corporation
STOCK SYMBOLS: [(pcel)]
PCEL should Double this week |
