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Eagle Capital International, Ltd. Announces $60 Million Leasing Facility
Business Wire - February 02, 1999 09:14
SALT LAKE CITY--(BUSINESS WIRE)--Feb. 2, 1999--Eagle Capital International, Ltd. (OTCBB:ECIC) President Douglas A. Dent, announced that Eagle Capital has reached an agreement in principle with Lone Wolf Energy, Inc. under which Lone Wolf will lease mobile block plants and other related equipment to Eagle and its joint venture partners to construct buildings using the patented IMSI(R) Insulated Reinforced Masonry System. The IMSI system, a block wall system using mortarless, dry-stacked construction techniques, has ICBO (International Conference of Building Officials) approval status.
Terms of the agreement include the immediate purchase of the first completed mobile block plant. As worldwide contracts are signed, Lone Wolf has committed to provide over $60 million in leasing facilities to Eagle in the next several years. Equipment will include approximately 70 mobile block plants and mobile foam production systems and 10 Q-Bond production machines. The block plants produce the actual patented IMSI block system blocks, the foam plants produce the foam inserts that are placed inside each block and Q-Bond cement is the patented bonding material which holds the blocks in place.
Eagle is in need of several mobile plants to augment its fixed plant resources in India and China, as well as other potential sites.
Lone Wolf has recently received capital commitments from investors and bank sources enabling it to provide the first mobile block plant to Eagle. Lone Wolf has a first right of refusal to provide lease financing to Eagle as Eagle's needs develop and funding commitments become available. Lone Wolf's funding will be secured by equipment and letters of credit.
CONTACT: Eagle Capital International, Ltd.
Douglas A. Dent, 801/569-0400 |
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