PRAV- Yep, I remember riding that one up from 2.00 to 4.00 for a healthly profit. Funny you mention it. I was just looking at it yesterday. It's a pinkie now at .0005. Was thinking of buying some. Looks like it's trying to bounce up. They filed for banrkruptcy but their wholly owned Canadian subsidiary involved in Homeland Security is still in business. I wonder if it will move up again?
Press Release Source: Paradigm Advanced Technologies, Inc.
Paradigm Advanced Technologies, Inc. Announces Bankruptcy Filing Friday November 7, 3:30 pm ET
TORONTO, Nov. 7, 2003 (PRIMEZONE) -- Paradigm Advanced Technologies, Inc. (Other OTC:PRAV.PK - News) (``Paradigm'' or the ``Company'') announced today that it has filed a voluntary petition for bankruptcy in the state of Delaware under Chapter 7 of the U.S. Bankruptcy Code. Upon filing of the bankruptcy petition, Paradigm has ceased all of its business operations.
ADVERTISEMENT The operations of the Company's wholly owned Canadian subsidiary, PowerLOC Technologies, Inc. (``PowerLOC'') will continue to operate as usual with funding expected to be provided by one of its senior secured creditors, Homeland Security Technology Corporation (``HSTC''), pursuant to a definitive financing arrangement to be entered into between PowerLOC and HSTC.
ABOUT POWERLOC TECHNOLOGIES INC.
PowerLOC Technologies Inc. provides a full range of wireless location tracking and security products and services to global enterprises and to large government organizations. PowerLOC's enabling technologies have become a major component in joint development efforts with strategic partners targeting Homeland Security solutions for certain military and civilian applications. PowerLOC devices, servers, software and applications locate, track, navigate and manage people, vehicles and other assets, and was used to track recovery vehicles at the World Trade Center ``Ground Zero'' recovery site. Destinator (http://www.Destinator1.com) won many industry awards including the prestigious People's Choice Award of America's Pocket PC Magazine in 2001, 2002 Planet PDA ``Best of Show'' Award; 2002 and 2003 Europe Pocket PC Awards and a similar award in Germany this year. PowerLOC owns the exclusive licensing rights to a broad-based wireless location patent (U.S. Patent no. B1 5,043,736) covering the apparatus and method of transmitting position information from satellite navigational signals (such as GPS) over cellular systems. For further information on PowerLOC, visit http://www.powerloc.com or call (905) 764-3701.
Certain statements contained in this press release, including without limitation, statements that are not historical facts and statements containing the words ``believes'', ``anticipates'', hopes, ``intends'', ``expects'', and other words of similar import, constitute ``forward-looking'' statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes that the assumptions used to make the forward-looking statements contained herein are reasonable, such statements are based on current expectations that involve a number of known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from expectations.
Contact:
Paradigm Advanced Technologies, Inc. David Ellis, Secretary-Treasurer (905) 764-3701 x 301 dellis@powerloc.com or Paradigm Advanced Technologies, Inc. Irene Gosende, Communications M
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