/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, Munshi Family Trust ("Munshi Trust"),
of which Anees Munshi, an officer, director and former shareholder of
Electric~Spin, is a trustee, has acquired 16,850,108 common shares of ESL (the
"Shares"), representing 37.03% of the outstanding common shares of ESL as of
the closing of the Transaction.
The Shares were issued to Munshi Trust in exchange for 496,734 shares of
Electric~Spin held by Munshi 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. Munshi also personally holds options to purchase 501,355
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.
Munshi Trust and Mr. Munshi 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: Anees Munshi, 171B Marycroft Avenue 202,
Woodbridge, Ontario, L4L 5Y3, Tel: (416) 410-1166, E-mail: