Eagle Building Technologies, Inc. Clarifies Information in
2002-12-18 14:40 (New York)
November 26 Press Release
Business Editors
BOCA RATON, Fla.--(BUSINESS WIRE)--Dec. 18, 2002--Eagle Building
Technologies, Inc. (OTC:EGBT) makes the following correction to press
release dated November 26, 2002 in which it stated that the rights to
land (in China) were secured and that it had an order for 20 million
paving blocks.
"The joint venture with The Beijing Mi Yun Real Estate Development
company, Ltd. (MYRE) stated that The Beijing Cheng Chang Long Building
Materials Co., Ltd., is commencing revenue operations and is in the
process of completing product quality certification for structural
masonry products. The plant is currently producing 480,000 paving
blocks for a total requirement by MRYE for 1.6 million units. The
joint venture has received confirmation from the MiYun Land office
that all necessary formalities with respect to the transfer of the 15
acre site for the production facility should be completed in the near
term. In addition, the local government has agreed to support and
coordinate a working capital loan application with the Bank of China
for up to 8 million RMB, or approximately $1 million, for working
capital, operating expenses and improvements to the plant facilities.
This government support makes possible the expedited approval of the
local financing package."
The Company also announced that it has accepted the resignation of
Dan Curlee as Director and President. Meyer Berman, Chairman of the
Board, has assumed the role of President.
Mr. Berman stated, "Eagle continues to move forward with a clean
state as there are no officers or directors on board from the original
Damato management group."
--30--GAA/mi*
CONTACT: Eagle Building Technologies, Inc., Boca Raton
Charles A. Moskowitz, 781/982-1271 (Boston)
KEYWORD: FLORIDA CHINA INTERNATIONAL ASIA PACIFIC
INDUSTRY KEYWORD: REAL ESTATE BUILDING/CONSTRUCTION
SOURCE: Eagle Building Technologies, Inc.
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
URL: businesswire.com |
