Bug#148073: fwd: Big pick news1etter
Space Propulsion Systems, Inc.
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THE NEWS: Go Read the Full Story Now!
Letter of Intent for Funding Signed by SPSY and Swiss Venture Capital Firm
Friday March 31, 4:05 pm ET
CLEARWATER, FL--(MARKET WIRE)--Mar 31, 2006 -- Space Propulsion Systems, Inc.
(Other OTC:SPSY.PK - News) announced that on March 31, 2006, the Company signed
a Letter of Intent with a Swiss Venture Capital firm for the full funding of the
final commercialization stage of the Company's New Generation Solid Propellant
technology. The funding level is sufficient to complete all aspects of the
program goals established by the Company for successful program completion.
Details of this agreement will be forthcoming in a later announcement.
Space Propulsion Systems (the "Company") is an aerospace company that specializes
in the research and development of patent pending state-of-the-art manufacturing
and chemical process technologies that are both environmentally friendly, and
Radar it For Tomorrow's Open Now!
Informat ion within this re port contains 4rward looking statements within
the meaning of Sect ion 27A of the Secur ities Act of 1933 and Sect ion 21B of
theS E C Act of 1934. Statements that involve discussions with respect to
projec tions of future events are not statements of his torical fact and may be 4rward
l00king stat ements. Don't rely on them to make a dec ision. The Co mpany is
not a repo rting com pany regis tered under the Exc hange Act of 19 34. We have
rec eived five hundred thou sand fre e trading sh ares from a third party not an
of ficer, dir ector or aff iliate share_holder. We intend to sell all our sh ares now,
which could cause the st 0ck to go down, resulting in l0sses for you. This com pany has:
an accumulated def icit, a negative net wo rth, a reliance on loans from of ficers and
direct ors to pay expenses, a n0minal ca sh position, and no rev enues in its most recent
quarter.The letter of intent mentioned above may not be binding. It is not an operating
com pany. The compa ny is going to need fi nancing to continue as a going concern.
rep0rt shall not be construed as any kind of inves_tment advice or soli citation. You
can lose all your mony by invest_ing in this st0c k.