|Toronto, Ontario – Spectra Inc. (SSA: TSX VENTURE) reports the release of its|
financial results for the twelve-month period ending December 31, 2017. Revenues for
the twelve-month period ending December 31, 2017 were $1,780,609 compared to
$1,549,112 for the same period in 2016. Revenues for the fourth quarter ending
December 31, 2017 were $448,017 compared to $342,461 in 2016.
Net income was $222,810 during the twelve-month period ending December 31, 2017
compared to $151,912 for the same period in 2016.
Spectra Inc., through its subsidiary, Spectra Products Inc., is the Toronto-based North
American designer, manufacturer and distributor of Brake SafeÒ, the visual brake stroke
indicating system, Brake InspectorÒ, the company’s electronic in-cab air brake diagnostic
system and the Termin-8RÒ line of anti-corrosion and extreme pressure lubricants.
Spectra manufacturers and distributes the new Arrow LoggerÒ brake stroke data logger
that has been designed to enhance the performance of the Brake Safe® system. Spectra
distributes Zafety Lug LockÒ, a lug nut retainer that uses the resistance between wheel
nuts to minimize their ability to rotate and loosen, reducing the risk of wheel damage or
wheel loss and Hub AlertÒ, an innovative heat sensing label that provides an alert for
overheating wheel ends, reducing the risk of bearing failure and corresponding
maintenance and repair costs.
Except for the historical information contained herein, this news release contains forward
looking statements that involve risks and uncertainties, including the impact of
competitive products and pricing and general economic conditions as they affect the
Corporation’s customers. Actual results and developments may therefore differ
materially from those described in this release.
On behalf of the Board of Directors,
Glen Campbell, Chairman, Spectra Inc.
Investor Relations: 1-800-308-5255
| Reply to Jimjones1972 - Msg #6084 - 12/20/2017 15:23|
Spectra CFO acquires SPI debenture, preferred shares
2017-12-20 12:58 MT - News Release
Mr. Andrew Malion reports
SPECTRA INC. ANNOUNCES CFO PURCHASES CONVERTIBLE PREFERRED SHARES AND DEBENTURE OF SPECTRA PRODUCTS INC.
CABE Financial Corp. has acquired the royalty debenture and convertible preferred shares held by Dynamic Venture Opportunities Fund in Spectra Inc.'s partially owned subsidiary company, Spectra Products Inc. (SPI), as well as 1,315 common shares in SPI also owned by Dynamic Venture Opportunities Fund.
The president, and a shareholder, of CABE is Glen Campbell, a director, chief financial officer and chairman of both Spectra and SPI.
CABE has also agreed, after completion of the transaction, to amend the terms of the convertible preferred shares to waive the right of CABE to convert such convertible preferred shares to 1,000 common shares of SPI. This waiver ensures Spectra's 67.73-per-cent ownership percentage in SPI will not be reduced in the future as a result of the conversion right previously attached to convertible preferred shares.
CABE further agreed, after completion of the transaction, to extend the date upon which the convertible preferred shares could be called for redemption. Currently, this date is May 31, 2018. The retraction privileges will now be amended to a series of dates extending into 2020. These extended retraction dates will allow SPI to better manage its cash flow to enable it to meet these new redemption dates.
The transfer of ownership to CABE of the 1,315 common shares in SPI, the royalty debenture and the convertible preferred shares was approved by the board of directors of both Spectra and SPI.
Spectra, through its subsidiary, SPI, is the Toronto-based North American designer, manufacturer and distributor of Brake Safe, the visual brake stroke indicating system; Brake Inspector, the company's electronic in-cab air brake diagnostic system; and the Termin-8R line of anti-corrosion and extreme pressure lubricants.
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