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Technology Stocks : EGBT - EAGLE BUILDING TECHNOLOGIES (ecic)
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To: StockDung who wrote (65)12/27/2002 7:07:25 AM
From: afrayem onigwecher  Read Replies (1) of 155
 
Item 5. OTHER INFORMATION

Filing Date: 12/23/2002 Form Type: 10QSB

The Company's wholly-owned subsidiary, Great Wall New Building Systems, through its fifty-five percent (55%) joint venture interest in The Beijing Shang Long Building Materials Co., Ltd., has commenced some initial operations. The plant is currently producing 480,000 paving blocks against an initial user requirement of 30,000 square meters of paving materials at a price of 27RmB per square meter. Furthermore, based on having obtained local government support, the joint Venture is involved in negotiations in the Bank of China for working capital and fixed asset financing not to exceed 8 million RmB. Pending these negotiations, the Chinese partner, MYRE, is supplying working funds for labor and materials.

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