NEWS RELEASE:
Royal Group Technologies Limited (RYG:TSE, NYSE,ME) announced
today that the municipality of the city of Ecatepec, Mexico has
approved the purchase of components of The Royal Building
System(TM) to enable construction of 414 classrooms and 66
adjoining washrooms. This construction project is expected to be
completed over the next year. It follows the successful
evaluation by school authorities of 66 classrooms which were
erected using the System over the last four months. The project
will be funded by BANOBRAS, a Mexican government bank dedicated
to funding public works projects.
The Ecatepec project is being followed with great interest by
other Mexican municipalities faced with providing classrooms for
the rapidly growing student population. It is estimated that over
20,000 classrooms per year will need to be constructed in order
to satisfy the official educational program that is considered a
priority by the Mexican government.
Royal also announced that government authorities in Manila,
Philippines have recently committed to use the System in
construction of 10 schools and authorities in Mendoza, Argentina
have committed to 4 large schools. Both of these projects are
expected to be completed over the next six months and follow
previous purchases of the System for school construction.
Vic De Zen, Royal's Chairman, President and C.E.O. commented on
the school projects saying they, "show how school authorities,
teachers and taxpayers increasingly recognize that the System
provides a way to quickly construct durable, maintenance-free
classrooms, which are attractive and provide students a pleasant
learning environment". Italo Tajer, President of Royal Building
Systems de Mexico S.A. de C.V., a subsidiary of Royal, added
that "teachers instructing in schools made from the System have
expressed tremendous pride in their classroom's durable, clean
and bright surfaces"
Total revenues to Royal from the three school projects will be
approximately $C5 million.
Royal Group Technologies Limited is one of North America's
largest extruders of vinyl building products, serving the
custom profile (predominantly window), vertical window blind,
siding and pipe segments of the market. Royal's Building
Technologies Group manufactures a preengineered, modular building
system, known as The Royal Building System(TM), and product lines
derived from the System, including foundations, garages and
sheds. Royal's manufacturing facilities are primarily located in
North America, with recent additions of facilities in South
America, Europe and Asia. |
