Electric-Spin Ltd. announces granting of options to certain directors and officers


    TSX Venture Exchange: PAI.P

    TORONTO, Oct. 10 /CNW/ - Park Avenue Investment Corporation (TSX-V:
PAI.P) ("Park Avenue"), a capital pool company listed on the TSX Venture
Exchange (the "Exchange"), announced on October 5, 2007 that, subject to the
final approval of the Exchange, it has closed its Qualifying Transaction with
Electric~Spin Corporation ("Electric~Spin"). Pursuant to the Qualifying
Transaction, Park Avenue has acquired all of the issued and outstanding shares
of Electric~Spin. Subsequent to completion of the Qualifying Transaction, Park
Avenue changed its name to Electric-Spin Ltd. (the "Resulting Issuer") (TSX-V:
ESC). The intention to complete the Qualifying Transaction was initially
announced on March 22, 2007 and further updated on August 20, 2007 and
September 27, 2007.
    Subsequent to the completion of the Qualifying Transaction, the Resulting
Issuer granted: (i) Anees Munshi, a director and the President and Chief
Executive Officer of the Resulting Issuer, options to purchase 501,355 common
shares of the Resulting Issuer; and (ii) Alnoor Ebrahim, a director and the
Chief Financial Officer of the Resulting Issuer, options to purchase 192,497
common shares of the Resulting Issuer, in each case at a strike price of $0.21
per common share. An aggregate of approximately 260,195 of these options (the
"Performance Options") are subject to forfeiture in the event of the failure
of Electric~Spin to achieve minimum consolidated revenue of $3,500,000 in the
12 calendar month period immediately following the completion of the
Qualifying Transaction (the "Performance Escrow Term"). In the event that
Electric~Spin's consolidated revenue during the Performance Escrow Term is
equal to or greater than $9,500,000, all of the Performance Options shall vest
and be exercisable in accordance with a vesting schedule determined by the
board of directors of the Resulting Issuer. The number of Performance Options
which shall vest in the event of Electric~Spin's consolidated revenues falling
within these minimum and maximum target thresholds during the Performance
Escrow Term shall be determined in accordance with terms agreed to by the
parties, and such options shall vest and be exercisable in accordance with a
vesting schedule determined by the board of directors of the Resulting Issuer.
    Any shares issuable upon exercise of the options will be subject to
certain terms of escrow imposed by the Exchange in connection with the
Qualifying Transaction.
    Park Avenue filed a filing statement (the "Filing Statement") dated
September 26, 2007 with the Exchange and applicable securities commissions
disclosing its Qualifying Transaction with Electric~Spin. The Filing Statement
is available for review on the SEDAR website under Park Avenue's profile at
    For further information about Park Avenue, Electric~Spin and the
Qualifying Transaction, please refer to the filing statement dated
September 26, 2007 on www.sedar.com. The summary of the Qualifying Transaction
included above is qualified in its entirety by reference to the description of
the Qualifying Transaction in the filing statement.

    About Electric~Spin Corporation

    Electric~Spin is a private corporation existing under the laws of Canada.
Based in Woodbridge, Ontario, Electric~Spin has become a leader in home golf
simulation, sold under its brand name, Golf Launchpad, and is dedicated to
becoming the worldwide leader in interactive sports simulation products. Its
first product, Golf Launchpad for the PC/Mac was introduced at the Electronics
Entertainment Expo (E3) in May, 2004. In January, 2006, Electric~Spin's second
product, Golf Launchpad for the PS2, introduced at the Consumer Electronics
Show in Las Vegas, won the CES Innovations Award in its class. On January 2nd,
2007, at this year's Consumer Electronics Show, Electric~Spin in partnership
with NDS Ltd., a subsidiary of News Corp., introduced an XTV application of
Golf Launchpad that enables users to plug Golf Launchpad into a set-top box,
and play along with their favorite golfers during televised tournaments. This
service is anticipated to be commercially available in 2008.

    About Park Avenue Investment Corporation

    Park Avenue is a corporation existing under the laws of the Province of
Ontario and is a reporting issuer in the Provinces of Ontario, Alberta and
British Columbia.
    Further information regarding Park Avenue can be found in the Park
Avenue's public disclosure record available at www.sedar.com.

    This press release contains forward-looking statements based on
assumptions, uncertainties and management's best estimates of future events.
When used herein, words such as "intend", "may", "will", "should", "could",
"anticipate", "believe", "plan", "estimate", "potential", "expect" and similar
expressions are intended to identify forward-looking statements.
Forward-looking statements are based on assumptions by and information
available to the Park Avenue. Investors are cautioned that such
forward-looking statements involve risks and uncertainties. Important factors
that could cause actual results to differ materially from those expressed or
implied by such forward-looking statements include such risks and factors as
are detailed from time to time in the Park Avenue's continuous disclosure
documents filed with the Ontario Securities Commission and other regulatory
authorities at www.sedar.com. Actual results may differ materially from those
currently anticipated. Park Avenue has no intention or obligation to update or
revise any forward-looking statements, whether as a result of new information,
future events or otherwise.

    The Exchange does not accept responsibility for the adequacy or accuracy
    of this release.

For further information:

For further information: Anees Munshi, Chief Executive Officer of
Electric-Spin Ltd., at (416) 410-1166

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890