November 01, 2000
(009/00)
ATI Airtest Technologies Inc. (CDNX Symbol AAT)
Airtest Announces Interim Financing and Corporate
Restructuring
Vancouver: Mr. George Graham the President of ATI Airtest Technologies
Inc is pleased to announce that a private arms length investor has
agreed to provide an interim financing of $500,000.00 (Cdn). The
financing which is subject to the approval of the CDNX, would result
in an issuance of shares equal to 20% of the value of the financing,
and based on the current trading price.
The company has re-evaluated two of its ongoing projects with a
view to streamlining operations, and has decided to focus on product
lines which are providing the greatest cash flow. The airborne GasMet
FTIR analyzer, which has been experiencing technical difficulties,
would require additional funding to create the efficiencies necessary
to make it commercially viable. Therefore the company has decided
to shelve this project at this time. The second project is the GasCam
unit manufactured by OptiGas Limited. Extensive testing and product
evaluation by Airtest has determined that new and advanced technology
is being introduced in the near future, which could render this
product line obsolete without further extensive R & D. In the
interests of capital preservation, the management of Airtest has
decided not to acquire OptiGas.
The two Mobile Air Monitoring vans are being utilized almost to
capacity in the Calgary area, and this project has been providing
excellent cash flow to the company. As well, the sales of the Commercial
Monitors and Controllers are doing well, with several new distributors
being added in Canada and the United States. The company has also
been pursuing a strategic alliance with a new firm, which should
add depth, and increased cash flow to Airtest, through new and compatible
product lines.
This press release contains forward-looking statements that involve
a number of risks and uncertainties. Important factors that may
cause actual results to differ from those statements include: market
conditions, market demand for the products, present company finances
and future requirements and various government and regulatory agency
requirements. Additionally, forward looking statements contained
in this release may also be affected by competitive products and
pricing and the risks associated with product development, marketing,
and management of growth and limits on the company's operating experience.
For further information, please contact:
Georgia West Management Inc.
Phone: (604) 868 1000
Toll Free: (877) 868 1001
Email: geowest@direct.ca
Website: airtest.com
The Canadian Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. |