/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA OR OVER UNITED
STATES WIRE DISTRIBUTION SERVICES/
TORONTO, Oct. 9 /CNW/ - Electric-Spin Ltd. (formerly Park Avenue
Investment Corporation ("PAI.P")) ("ESL"), a capital pool company listed on
the TSX Venture Exchange, has acquired all of the issued and outstanding
shares of Electric~Spin Corporation ("Electric~Spin") (the "Transaction").
In connection with the Transaction, Ebrahim Family Trust ("Ebrahim
Trust"), of which Alnoor Ebrahim, an officer, director and former shareholder
of Electric~Spin, is a trustee, has acquired 6,469,666 common shares of ESL
(the "Shares"), representing 14.22% of the outstanding common shares of ESL as
of the closing of the Transaction.
The Shares were issued to Ebrahim Trust in exchange for 190,723 shares of
Electric~Spin held by Ebrahim Trust. The Shares are held in escrow pursuant to
the requirements of the TSX Venture Exchange and pursuant to a performance
escrow agreement entered into by certain parties upon closing of the
Transaction. Mr. Ebrahim also personally holds options to purchase 192,497
common shares of ESL.
For a full description of the Transaction, please refer to the filing
statement of ESL (under its former name, Park Avenue Investment Corporation)
filed on www.SEDAR.com on September 26, 2007.
Ebrahim Trust and Mr. Ebrahim are issuing this press release pursuant to
the requirements of National Instrument 62-103 - The Early Warning System and
Related Take-Over Bid and Insider Reporting Issues - and applicable Canadian
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Alnoor Ebrahim, 171B Marycroft Avenue 202,
Woodbridge, Ontario, L4L 5Y3, Tel: (416) 410-1166, E-mail: