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Biotech / Medical : Pioneer Services Inc OTC>BB PSVC -- Ignore unavailable to you. Want to Upgrade?

To: vcap who wrote (96)	3/25/1998 6:16:00 PM
From: vcap	Read Replies (1) \| Respond to of 140

Pioneer Services International Ltd. Completes Private Placement Offering BOCA RATON, Fla.--(BUSINESS WIRE)--March 25, 1998--Pioneer Services International Ltd. (OTC BB:PSVC) announced Wednesday that it completed, as of March 13, 1998, a private placement of restricted common shares. Gross proceeds of $670,700.00 were raised. According to Richard M. Lilly, an Indianapolis Securities principal and a financial advisor to Pioneer Services, this private placement was oversubscribed due to the considerable investor interest in promising clinical research and potential industrial applications for the company's patented bio-electromagnetic process and technology. To accommodate interested investors, Pioneer Services expanded the original $450,000.00 offering. Funds raised from the private placement will help underwrite important basic scientific studies and clinical research, currently underway or pending, at major universities and other research centers. All scientific studies and clinical research will incorporate patented Jacobsen Resonance technology. Participating research centers and the projects they are working on include: Cornell University Medical College (nerve repair and growth with both in vivo and in vitro animal studies), University of Oklahoma Health Sciences Center (reduction of epilepsy seizures and the correcting of cardiac disorders in dog models), and at The National Medical and Research Institute (treatment of chronic pain and osteoarthritis of knee joints). Another portion of the funds raised will support the ongoing prototype development of the next generation or resonators. Development work is currently being performed by GB-Tech Prototype Labs (a NASA subcontractor) at Stennis Space Center, as well as F.D.A. initiatives currently underway by the company. Pioneer is also pursuing numerous opportunities with significant commercial potential. Projects being explored include beverages with quick absorption properties, improved building materials, industrial and specialty coatings, enhanced pharmaceuticals, improved agricultural productivity and innovative environmental technologies. Pioneer Services is positioning itself to be an innovator in bio-electromagnetic and bio-medical technologies, with complementary commercial opportunities. For further information direct your inquiries to the company attention Dr. Frank A. Chaviano 561/477-8020. -0- This release contains forward-looking statements that are subject to risks and uncertainties, including but not limited to, certain delays beyond the company's control with respect to business events, regulatory approvals, and other risks detailed from time to time in the company's filings with the Securities and Exchange Commission. CONTACT: Pioneer Services International Ltd., Boca Raton Dr. Frank A. Chaviano, 561/477-8020 KEYWORD: FLORIDA BW1303 MAR 25,1998