The following information letter from Fenway Resources Ltd. to its shareholders is also of interest to Fenway International Inc. shareholders.
July 14, 1999 LETTER TO SHAREHOLDERS
Fenway management wishes to thank all shareholders for their continued patience and support during the last year since the assets of Fenway Resources Ltd. namely, the Palawan Cement Project, were sold to Fenway International Inc. in exchange for Fenway International shares. Your understanding has been much appreciated.
Management would like to take this opportunity to bring shareholders up-to-date on the status of the Fenway International Inc. shares held in Fenway Resources Ltd. and the Company's plans to distribute these shares to shareholders.
On November 18, 1998, the Company informed shareholders that shares of Fenway International Inc. held by Fenway Resources Ltd. were subject to a one-year hold before they could be traded. The one-year hold period ends on August 8, 1999. It was reported that registration of Fenway International Inc. as a "Reporting" company would allow the Company to apply for these shares to be exempted from the regulatory holding period. On May 11, 1999, Fenway International announced that their Form 10-SB Registration Statement to become a Reporting Company filed on March 8, 1999 became effective. Following that announcement the Company, by SEC regular procedure, was notified of certain filing deficiencies which were immediately addressed by Fenway's legal counsel. As at this date Company counsel is preparing a deficiency letter response to the SEC and Fenway International expects to receive confirmation shortly that the Company has become fully Reporting.
As the time to process an application for exemption for Fenway International shares to become tradable would exceed the hold period ending August 8, the Company will let the period expire without further action. Following the expiration period, a decision will be made on the future of Fenway Resources and the Fenway International shares held by Resources. The more likely scenario is that Resources will be wound up and the Fenway International Inc. shares distributed to its shareholders. This step would most likely be initiated at the same time that Fenway International Inc. applies for trading privileges on NASDAQ.
For further information, please contact Investor Relations at our toll free number (888) 441-1132 or (604) 844-2265 or the web site at www.fenwayintl.com or e-mail us at fwin@fenwayintl.com.
Certain statements to this Corporate Update constitute "forward looking" statements within the meaning of section 21E of the U.S. Securities Exchange Act of 1934. Such forward-looking statements involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
ON BEHALF OF THE BOARD
Sincerely,
H. John Wilson
H. John Wilson
President & Director
CONTACT
Toll Free: 1-888-441-1132 E-mail: fwin@fenwayintl.com |
