FENWAY SIGNS FINANCIAL AGENCY AGREEMENT
For Immediate Release:
NEWPORT BEACH, CA. August 3, 1999 - FENWAY INTERNATIONAL INC. (FWIN-OTC BB)
Fenway International Inc. has signed a Financial Agency Agreement with
"First Access Financial Group, Inc.", international investment bankers. First Access has represented it has clients interested in providing sufficient funding to Fenway's Philippine Cement Projects to bring each project to production. In a formal letter in compliance with the Agreement, First Access has disclosed to Fenway the name of its interested party. Fenway acknowledges the named party is a significant international corporation capable of financing the projects as required.
Fenway International Inc. is developing a 2.5 million tonne per year Cement Project at Scott Point, southern Palawan Island and a 1.5 million tonne per year cement plant near Guihulngan, Negros Oriental, both in the Philippines. The capital costs to construct the cement plants are estimated at US$380,000,000 for the Palawan facility and US$340,000,000 for the Negros Oriental facility.
The Agreement with First Access is not exclusive and Fenway has received other proposals to finance cement production at each site including equity investment, bank loans and export credit. The prospective financing parties each currently have representatives in the Philippines conducting a thorough due diligence of the Fenway cement projects. Fenway expects to receive specific proposals within August to finance the Palawan Cement Project to production and begin project engineering and construction before year end. Concurrently the upgrading of engineering data to bankable standards for the Negros Oriental Cement Project will proceed.
Fenway International Inc. is the lead proponent in the development of two large commercial grade (portland) cement production facilities in the Philippines. Upon completion, Fenway International will be the largest cement manufacturer in the Philippines and one of the largest suppliers in the entire Southeast Asian region.
For information contact:
The Hawke Group, Inc. at (954) 564-7114; Fax: (954) 564-9848;
E-mail: info@hawkenews.com or visit our website at www.hawkegroup.com.
If you would like to contact the company directly, please call Fenway
International at (888) 441-1132 or fax (604) 844-2267 or visit their
website at www.fenwayintl.com.
This material was prepared by the Company and disseminated by The Hawke Group, Inc. ("Hawke") for the Company discussed herein, based upon Company supplied information or other sources believed to be reliable. The information is not guaranteed by Hawke for accuracy or to be all inclusive.
Forward-looking statements in this release are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks and uncertainties and actual results could differ from those discussed. This material is information only and is not an offer or solicitation to buy or sell the securities. Hawke, its affiliates, and/or its officers, directors and employees may from time to time have a position in this security. The Hawke Group has been compensated.
ON BEHALF OF THE BOARD
H. John Wilson
President
The NASD and other regulatory bodies have neither approved nor disapproved
the information disclosed herein.
CONTACT
Toll free: 1-888 441-1132
World Wide Web Site:
fenwayintl.com
E-mail: fwin@fenwayintl.com
MANILA OFFICE
2101 OMM-CITRA Bldg.
San Miguel Ave. Ortigas
Pasig City MM Philippines
Tel/Fax 632-638-7338 or 632-638-7339 |
