resume trading????Restructuring
via CDS
May 9, 2001 11:52:30 PM
The Board of Directors of XS Technologies Inc. (XST) is pleased to
remove the voluntary halt of trading of shares in XST on Friday, April 27,
2001 and offers the shareholders the following update.
The trading halt has allowed XST to begin a restructuring process,
which will allow XST to deal with various issues including cash flow,
management and a renewed business plan.
The Board of Directors has accepted John Way's resignation as president
of the Corporation. He will remain as a Director of the Corporation. Mr.
Michael Newson, P.Eng, MBA of Equity Partners International Corp., a
management consulting/venture capital firm has been retained by the Board
of Directors to act as Interim President and manage the affairs of the
Corporation and its restructuring.
The Corporation is arranging a private placement to raise up to
$250,000 to support working capital requirements during the restructuring
period. The shares will be issued at $0.10 per share with a common share
warrant at $0.30 per share expiring June 30, 2002.
As part of the corporate restructuring, the directors and management of
XST have begun meeting with creditors to satisfy its outstanding debts.
The Corporation will be focusing on satisfying the custom engineering
needs of select large customers over the next four to six months while
simultaneously consummating sales of off-the-shelf positioning and
communications solutions. Further, the Corporation will immediately begin
to outsource its requirements for programming and technical expertise.
The Directors and management believe and feel confident with the
potential for the product and its market acceptance. The Corporation
expects that potential for sales growth over the next year along with
current orders, will significantly strengthen the development and growth of
the Corporation. The Directors thank all shareholders for their support
and understanding during this period.
CONTACT: TEL: 403-229-3882 Stephanie Ho Lem, Director
XST Technologies Inc.
EMAIL: sholem@telusplanet.net