International Hi-Tech Industries Inc -
Int'l Hi-Tech JV with HAD 2000
International Hi-Tech Industries Inc IHI
Shares issued 62,244,141 Oct 16 2001 close $.780
Oct 16 2001 3:03:00
The Canadian Venture Exchange has accepted for filing an interim agreement dated Jan. 23, 2001, between the company's 51-per-cent-owned subsidiary, IHI International Holdings Ltd., and HAD 2000 Corp. (Ronald Konitzer) whereby IHI International has agreed to form a joint venture with HAD to promote, develop and market the products of its house construction technology and to establish and operate the manufacturing of a factory in the state of Illinois.
HAD is required to pay a $1.25-million (U.S.) licence fee (an irrevocable $100,000 (U.S.) has been paid with the remaining $1.15-million (U.S.) due on the earlier of Oct. 24, 2002, and the establishment of the joint venture) to IHI International upon formation of the joint venture. In addition, HAD will contribute $1.2-million (U.S.) to the joint venture to finance factory construction and business operations for a 49-per-cent interest in the joint venture. Of the $12-million (U.S.), HAD is required to pay $1-million (U.S.) upon formation of the joint venture (expected to be in six to 12 months time), $3.3-million (U.S.) two months after formation of the joint venture, a further $2.2-million (U.S.) upon shipment of the panels necessary to construct the joint venture's factory, a further $2.6-million upon shipment of the equipment for the factory and the balance of $2.9-million on substantial completion of the factory.
IHI International will earn a 51-per-cent interest by contributing to the joint venture, the exclusiv
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