WLFO $5 Billion ???
Wulf International Announces Approval of a Mass Housing Project at an Estimated Cost of $5 Billion Dollars
FORT WORTH, Texas--(BUSINESS WIRE)--Jan. 18, 2001--Wulf International Ltd, (OTCBB:WLFO - news) with headquarters in Fort Worth, Texas, announces that the Southern Philippines Development Authority (SPDA) approved in principle our proposed mass housing project.
The SPDA is a wholly owned Government corporation, and reports directly to the President of the Philippines at a Cabinet level position.
The mass housing project includes the building of 1 million homes with an estimated total cost of $5 Billion over a ten-year period in the southern Philippines for low-income families. The homes and related infrastructure will be built by the SPDA-Warisan Joint Venture and it is expected construction will begin in the 4th quarter of this year, including medical clinics, school facilities, and other infrastructure. Upon full mobilization, it is planned to build 100,000 homes per year. This will be one of the largest low-income housing projects in the world.
Warisan is a joint venture between Amin Corporation, a native Filipino company and Wulf International and holds 70% of the JV. Wulf will be the manager of this ten-year housing program and holds 49% interest in the JV. Funding for the project will come from the sale of $200 million in bonds issued by the SPDA to be sold by major international investment bankers.
The SPDA is responsible now for obtaining the remaining final approvals for this huge project including approval of the joint venture by the Government Corporation and Monitoring Coordinating Council and the approval of the final feasibility study by the National Economic Development Authority. The feasibility study will be completed by the end of January 2001. After receipt of the remaining approvals, the SPDA will (1) approve the issuance of the 10-year bonds that will carry a Republic of the Philippines Guarantee and (2) enter into an ``engagement'' agreement with major international investment banks.
Wulf International is a 27-year-old firm that has operated successfully for many years in the United States before becoming involved in international projects. Wulf has about 7,000 shareholders worldwide, and a float of approximately 6 million freely tradable shares. Its stock is traded publicly on the OTC Bulletin Board market under the symbol WLFO and is listed in Standard & Poor's. The company's transfer Agent is WOC Stock Transfer Company. Wulf's web site is www.wulfint.com where more information on the company can be obtained.
Forward-Looking Statements: Statements in this press release other than the statement of historical fact, including statements regarding the company's plans, beliefs, and estimates are ``forward-looking statements.'' Such statements are subject to certain risks and uncertainties, including factors listed from time to time in the company's SEC filings, and actual results could differ materially from the expected results. These forward-looking statements represent the company's judgment as of the date of this release.
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Contact:
Wulf International Ltd, Fort Worth
Joe Denahan, 817/429-1555 |
