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Gold/Mining/Energy : PN - Pelorus Navigation partner with Honeywell -- Ignore unavailable to you. Want to Upgrade?

To: Step1 who wrote (60)	2/9/1998 8:03:00 PM
From: Step1	Respond to of 115

Here is some news from PN Headline: PELORUS NAVIGATION SYSTEMS INC. - Atlantis Acquisition Terminated [1416] ====================================================================== Pelorus Navigation Systems Inc. reported that the proposed acquisition of Atlantis Aerospace Corp. pursuant to the letter of intent of 24 October, 1997 and the share purchase agreement of 16 January, 1998 has been terminated. The acquisition had a proposed closing date of January 31, 1998, which was unable to be met primarily due to the inability of Pelorus to obtain financing on satisfactory terms. Michael Beamish, president, noted "Uncertainty in the equity markets has precluded Pelorus from arranging financing for the acquisition on favorable terms. We have refocused on the manufacturing and market development for the Honeywell / Pelorus SLS-2000 Satellite Landing System. With the increasing growth in aviation travel and the slow but steady adoption of our SLS-2000, we continue to anticipate substantial growth in the medium and long term." TEL: (403) 730-5555 Ken Williamson, Pelorus Navigation Systems Inc. FAX: (403) 730-5511 Internet: pelorus.ca (c) 1998 Market News Publishing Inc. All rights reserved. Tel:(604) 689-1101 Fax:(604) 689-1106 RapidFAX (tm) - To get the NEWS as it happens, call (604) 689-3041. And what I got the same day from their PR office >> Dear Stephan, Thank you for your patience in awaiting this reply. In reply to your questions: Since Jan 31 has come and gone, am I right to assume that Pelorus was not able to put the necessary financing to move forward with this acquisition? I am now able to report that this morning Pelorus announced that it is terminating, effective immediately, its proposed acquisition of Atlantis. The depressed stock price forestalled financing on reasonable terms and precipitated the announcement. The delays to date stem from efforts made to secure financing. The brief press release reflecting the announcement can be found at www.pelorus.ca/980209.htm. We continue to press ahead with the SLS program, focusing on Canadian sales and support to Honeywell in their international efforts. Yours truly, Ken Williamson Corporate Communications << sg