From: International Hi-Tech Industries Inc. (IHI)
ihiintl.com
mailto:info@ihiintl.com
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Re: News Releases - Monday, January 08, 2001
IHI's First Commercial Product Order; $1.5m Cdn. Ontario
Joint-Venture License Payment Received in Full
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IHI's First Commercial Product Order; $1.5m Cdn. Ontario Joint-Venture
License Payment Received in Full
First Commercial Order for IHI Panels
Mr. Roger A. Rached, President of International Hi-Tech Industries Inc.,
("IHI") is pleased to announce that the Company has accepted the first
commercial product order for its advanced panel system. An established
Alberta oil industry service company has purchased panels for heavy-duty
road and lease location matting ("Enviro-mats") for the quick mobilization
of drilling equipment. The Enviro-mats will be made out of
recycled/leftover raw material from the 1-3% of excess IHI factory
production, without compromising the added advantages of superior panel
strength and lightness. Mr. Rached said, "This order represents the 'tip of
the iceberg' with respect to the larger scale orders of this kind in the
oil industry; it will also generate extra profit margin and virtually
eliminate building raw material waste".
Ontario Joint-Venture License Payment
With the recent arrival of the robotic system at IHI's Delta, B.C. factory,
the Company is pleased to announce that our Ontario joint-venture partner,
Hi-Tech Canada Development Corporation ("HCD" - a company run by prominent
professionals controlling approximately 4.5% of IHI's common shares) has
paid the balance of $1.35m Cdn. on the $1.5m license fee as per their
interim agreement announced in our July 20, 1998 News Release. This is a
significant commitment from an IHI joint venture partner, and will trigger
many other partners to follow within the next two years. As a result of
this payment, it is expected that Ontario will be one of the first markets
to establish a fully operational manufacturing facility. Ownership of all
IHI J-V factories is on the basis of 51%/49% in favour of IHI. With the
continuous interest shown in the Ontario market for the IHI system, the
Company and HCD anticipate rapid growth once the factory is established.
IHI will soon establish an Advisory Board to monitor the early development
of the Ontario joint-venture partnership and focus not only on the
seriously needed Toronto high-rise rental market, but also on future
Toronto urban redevelopment opportunities.
Interview with IHI President Roger A. Rached on CEOcast.com
CEOcast.com, an online investment resource website in partnership with
Business Week magazine has posted an extensive interview with IHI President
Roger A. Rached focussing on the robots and IHI's computerized building
system, and is available to view at www.ceocast.com.
International Hi-Tech Industries Inc. is a company whose principal business
is the development and commercialization of a new building system in
Canada, and internationally through its subsidiary, IHI-International
Holdings Ltd.
ON BEHALF OF THE BOARD OF DIRECTORS
"Roger A. Rached"
ROGER A. RACHED, PRESIDENT
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THE CANADIAN VENTURE EXHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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Copyright (c) 2000 INTERNATIONAL HI-TECH INDUSTRIES INC. (IHI) All rights
reserved. For more information visit our website at
ihiintl.com or send mailto:info@ihiintl.com
Message sent on Mon Jan 8, 2001 at 7:11:28 AM Pacific Time
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