NEWS RELEASE;MYGD
(Applies to: MYGD)
MONEY GUILD INC. ANNOUNCES JOINT VENTURE
NEW YORK, Nov. 25 /PRNewswire/ -- Money Guild Inc. (the Company), is
pleased to announce that it has signed a Letter of Interest with
VEAMCO, CA. of Venezuela to acquire a 50% interest in their 355,000
acre wood cutting lease agreement which is leased by VEAMCO in
neighboring Guyana. The Letter of Interest is the prerequisite to a
50/50 Joint Venture Agreement that is proposed between Money Guild
Inc., and VEAMCO. Additionally, because of the close proximity to
Venezuela, VEAMCO has documented permission to transport the lumber
from Guyana through Venezuela and also has documented cutting rights to
immediately harvest the timber within its lease.
VEAMCO, CA.:
VEAMCO, CA. is a Venezuelan-American Company licensed and
registered as an Import-Export Company in Venezuela. The Company holds
timber and gold concessions in both the countries of Venezuela and
Guyana and owns Makapta Woods Limited with offices in Georgetown,
Guyana and Maboca Maderas, CA., a Venezuelan Company with offices in
Puerto Ordaz, Venezuela. Commenting on the joint venture, Mr. Tony D.
Lanham, serving as President and CEO of VEAMCO, CA. states, "I am
elated with our new association with Money Guild Inc. With the
synergies created by the depth of Money Guild Inc. we anticipate that
our goals of model production programs and harvest to target market
will be reached far earlier than anticipated with the public market
expertise provided by our new partners." Mr. David Phipps, Director and
Secretary of Money Guild Inc. states, "It is our belief that the hands
on project development policy and ethical eco-management of the
farsighted VEAMCO management team will serve our shareholders well in
both the near and long term."
TIMBER CRUISE:
Money Guild Inc. has authored a "Timber Cruise" on an initial
10,000 acres of the 355,000 acres of the Guyana concession in order to
quantify and qualify the types of wood and approximate densities per
acre. Forestry Engineers, independent of both Companies are presently
conducting the timber cruise. The results of this timber cruise should
be available within 10 days and will be released to the public as soon
as they are available.
HARDWOOD BUYERS:
Money Guild Inc. bas received expressions of interest from several
prospective buyers with respect to the purchase of product. It is the
Company's intent to have a primary buyer with up to five or six
secondary buyers to ensure continuous harvest to market flow.
The principle objective of Money Guild Inc., is to enhance shareholder
value through development and production of their exotic hardwood,
mineral, and granite projects to maximum potential while ensuring sound
eco-management and conservative conservation practices.
For investor relations, please contact Denis Diggins at 905-892-1582.
ON BEHALF OF THE BOARD
"David Phipps"
Per. David Phipps
Note: This news release may contain certain "forward-looking
statements" within the meaning of the United States Securities Exchange
Act of 1934, as amended. All statements, other than statements of
historical fact, included in this release, including, without
limitation, statements regarding potential mineralization and reserves,
exploration results, and future plans and objectives of Money Guild
Inc., are forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will
prove to be accurate and actual results and future results could differ
materially from those anticipated in such statements. Important factors
that could cause actual results to differ materially from the Company's
expectations are disclosed under the heading "Risk Factors" and
elsewhere in documents filed from time to time with the United States
Securities and Exchange Commission and other regulatory authorities.
SOURCE Money Guild Inc.
-0- 11/25/98 /CONTACT: Denis Diggins of
Money Guild, 905-892-1582/
(MYGD)
CO: Money Guild Inc.; VEAMCO, CA. ST: New York IN: FIN PAP SU: JVN
With regards,Frank |
