Magna Arranges Private Placement for Rapid Deployment of SkinnyScript
Monday, October 08, 2001
VANCOUVER, BRITISH COLUMBIA--Robert Archer, President of Consolidated Magna Ventures Ltd. (symbol CMV:CDNX) announces that, subject to regulatory approval, the Company has arranged a non-brokered private placement consisting of 3,000,000 units. Each unit will consist of 1 share at $0.20 plus one half warrant. A full warrant will entitle the shareholder to purchase one share of the Company at a price of $0.30 for a period of one year from the issuance date. Proceeds of the placement will be used for general working capital in the implementation of the Company's business plan pursuant to the recently announced acquisition of CopydotPrepress Inc. Magna's newly launched SkinnyScript(TM) technology for reducing the size of image files without a loss of quality is being heartily embraced by the graphic arts community, and magazine publishers in particular. With the successful print production of the San Jose Magazine and Westjet's in-flight magazine "AIRLINES'' in the last two weeks, the Companies are moving rapidly to secure other publishers looking to save time and costs throughthe implementation of this revolutionary new technology.