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Service Plus Hospitality Receives New Private Financing16 June 2000CALGARY, June 16 (Press Release) Service Plus Hospitality (CDNX: SVH - news) is pleased to announce that Mr. Jed Wood has been elected to the Board of Directors of the Corporation. Mr. Wood is a successful entrepreneur residing in Red Deer, Alberta who is currently President of High Arctic Well Control Inc., Chief Executive Officer of SEAL International, and President of Rockport Developments, all of which are privately owned companies. The Board believes that Mr. Wood possesses the entrepreneurial spirit and drive that will serve as a valuable asset to the Corporation moving forward. Additionally, he brings significant financing and land development experience to the Board. Service Plus Hospitality also announces that it has entered into an investor relations and promotion and marketing services agreement with Mr. Ron Babiuk. Pursuant to the terms of the Agreement, Mr. Babiuk shall provide investor relations and promotional services to the Corporation in Grande Prairie, Alberta and surrounding area. These services will include dissemination of company approved information, implementation of an ongoing shareholders' communication program and assistance in the promotion and marketing of all casino/hotel facilities owned by the Corporation in Grande Prairie. The Agreement runs for a term of one year, and Mr. Babiuk will be paid a total of 25,000 common shares of the Corporation over the period of the Agreement. Mr. Babiuk is a long-time resident of Grande Prairie where his principal business is private investment. Mr. Babiuk has no prior relationship with the Corporation and owns less than 100,000 common shares of the Corporation. Mr. Babiuk's spouse, Susan Babiuk, is the General Manager of the Corporation's Casino facilities in Grande Prairie. The Corporation also wishes to announce a non-brokered private placement of 400,000 common shares, at a price of $1.30 per share, for total proceeds of $520,000. It is expected that between 90% and 100% of the private placement will be subscribed for by insiders of the Corporation. The proceeds from the private placement will be used to fund the Corporation's previously announced expansion plans for its hotel and entertainment facilities in Grande Prairie, Alberta. Service Plus Hospitality Ltd. has been written up in the June issue of Buy Low, Sell High! Small-Cap Canadian Stocks Review, which is published by CanStock Information Services Corp. email address: info@stockreviews.com |