Eagle Building Technologies Announces Results of Board Meeting
BOCA RATON, Fla.--(BUSINESS WIRE)--Oct. 4, 2002--Eagle Building Technologies (OTC:EGBT) today announced that its Board of Directors has approved the transaction between Advanced Construction & Manufacturing Technologies - Puebla (ACMT-P) and Eagle (the Company). This agreement calls for a 51% ownership of ACMT-P by the Company. ACMT-P is in the business of providing alternative wall systems for the construction of affordable, hurricane resistant, energy-efficient housing in Mexico. At the present time, ACMT-P has commitments from developers to build approximately 42,000 homes using ACMT-P products and services. ACMT-P also has a letter of intent committing up to $5,000,000 for the establishment of the production facility in Tepeaca, Mexico. Additional funds up to $100,000,000 are being made available for construction financing of the projects.
In a separate, unrelated, issue, Eagle has received an offer for financing of up to $3,000,000 in construction loans with an additional $900,000 offered for necessary operating capital for its Puerto Rico projects. An "open-house" is scheduled October 8, 2002 featuring two completed model homes.
The Company intends to conduct an open conference call in the near future at which time the Company will introduce its new Board of Directors and discuss its projects in China, Mexico, and Puerto Rico. Discussions will also include the Company's legal actions to deal with its former officers and directors.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations or beliefs, including, but not limited to, statements concerning the Company's operations and financial performance and condition. For this purpose, statements of historical fact may be deemed to be forward-looking statements.
CONTACT:
Eagle Building Technologies, Boston
Charles A Moskowitz, 781/982-1271
SOURCE: Eagle Building Technologies
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10/04/2002 11:02 EASTERN |
