Thu Jul 26, 2001
IHI ANNOUNCES FOUR NEW JOINT VENTURE PARTNERSHIPS AND RECEIVES PRIVATE PLACEMENT
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Company well financed to launch commercial production in December 2001 as planned
Vancouver, British Columbia (July 26, 2001, 1 a.m. Pacific Time) -- International Hi-Tech Industries Inc. (IHI) (CDNX:IHI; OTC BB:IHITF) today announced that its majority-owned subsidiary IHI International Holdings Ltd. has received USD$500,000 in initial licence payments for the development of its revolutionary building design and manufacturing system in six Middle Eastern countries.
International Trade Circle SARL, one of IHI's existing joint venture partners, has purchased licences to construct factories and employ IHI's patented technology in the Kingdom of Saudi Arabia, State of Kuwait, Hashemite Kingdom of Jordan, Lebanon, Syria, and Sudan.
Together with the licences bought by International Trade Circle in 1997 for Egypt, the State of Bahrain, Sultanate of Oman, State of Qatar and the United Arab Emirates, these agreements represent a total of seven joint venture partnerships in the region.
"The Middle East is a key market for IHI and our partnerships with International Trade Circle are a milestone in the development of our company," said Roger Rached, president of IHI.
In addition to the initial licence payment, IHI also received a further equity investment from International Trade Circle of CDN$1.55 million.
The Company has also received CDN$720,000 in cash, as per a private placement previously announced on June 21, 2001.
"With these funds, IHI will complete the final equipment purchases necessary for our Delta, B.C. factory to start accepting orders by October and to ramp up commercial production in December 2001, as planned," said Mr. Rached. "We expect that our 40 joint venture partnerships, with leading architects and property developers in North America and around the world, will begin contributing significant revenue in the first half of 2002. We are confident that IHI's unique technology and value proposition are compelling and well position us to capitalize on the large and growing demand worldwide for alternative building technology solutions."
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"
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ROGER A. RACHED, PRESIDENT
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THE CANADIAN VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information, please contact:
Roger A. Rached, President
Telephone: 604-733-5400
Email: info@ihi.ca
For further information please contact:
The Company's Head Office: 1-800-838-8090
Or The Barnes Organization: 416-367-5000
E-Mail: info@ihi.ca
Web site: ihi.ca |
