New Orders and an Adjustment to Projections for Joint Venture
( Business Wire )
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( BW)(BEACON-LIGHT)(BLHG) New Orders and an Adjustment to Projections
for Joint Venture
Business Editors
STAMFORD, Conn.--(BUSINESS WIRE)--July 27, 1998--Beacon Light
Holding Corporation (OTC-BB: BLHG) announced today that the plastics
factory owned and operated by the joint venture between the Company
and Pinnacle International Trading (HK) has finalized three orders
within the month of July, 1998. The first order is for Stlavina,
U.S.A., a company that ordered packs of stick pens (3 pens/pack)
valued at more than $57,000 USD. A portion of this order will ship
during the first week of August and the balance in September.
The second order for the factory is for the manufacture of
storage containers for the Heng Fat Company of Hong Kong. This order
will be shipped in July.
The factory has also finalized an order for Lui Lui Clamps valued
at $45,000 USD. This order is being produced for a company in Taiwan.
This order should be shipped within 30 days.
According to Meng Tian, the plastics factory Plant Manager these
orders should be repeated and that more business from these clients is
likely. Additionally, Mr. Tian said that he is working on obtaining
more orders for the factory.
Beacon assumed control of the production facility in Hinhue,
Guangdong, China on July 1, 1998, approximately three months behind
schedule. Due to this fact, Management has found it necessary to
adjust downward the initial sales projections contained in its press
release of April 20, 1998. Management feels it is too early to
evaluate the reduction in orders due to the loss of three months of
production and the potential loss of orders that this delay may have
caused. Management is currently evaluating all current orders to more
accurately project future sales.
In April 20th press release Beacon announced certain initial
purchase orders based on information supplied by the managing partner
of the joint venture, Pinnacle. These included orders from
Southeastern Food Supplies, Indonesian W.L.S. International, Heritage
Forest Products and National Boston Medical, Inc. The factory has not
yet commenced production for these orders.
The order for Indonesian W.L.S. International was for a
promotional pen for a Malaysian governmental agency. There has been
certain changes in the Malaysian government that have caused this
order to be canceled.
The orders for Heritage Forest Products, National Boston Medical,
Inc., and Southeastern Food Supplies are still in negotiation with
regard to final pricing and shipment due dates, etc., as more
information on these orders becomes available the Company will release
it in a timely manner.
Safe Harbor Disclosure
This Press Release contains or incorporates by reference
"forward-looking statements," including certain information with
respect to plans and strategies of Beacon Light Holding Corporation.
For this purpose, any statements contained herein or incorporated
herein by reference that are not statements of historical fact may be
deemed to be forward-looking statements. Without limiting the
forgoing, the words "believes," "anticipates," "plans," "expects" and
similar expressions are intended to identify forward-looking
statements. There are a number of important factors that could cause
actual events or actual results of Beacon to differ materially from
these indicated by such forward-looking statements.
For further information about Beacon Light, please contact Jerry
Gruenbaum at 203.921.0310 or go to www.blhg.com
--30--sm/ny*
CONTACT: Jerry Gruenbaum, President
gruenbaum@blhg.com
203.921.0310
Fax: 203.921.0361
KEYWORD: CONNECTICUT
INDUSTRY KEYWORD: FOODS/BEVERAGES CHEMICALS/PLASTICS GOVERNMENT
MEDICINE
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