Vencap Holdings, Inc. (Formerly Money Guild Inc.) - Signs - J.V. with VEAMCO to Harvest Exotic Woods
February 5, 1999 12:58 PM
NEW YORK, Feb. 5 /PRNewswire/ -- On behalf of the Board of Directors, Vencap Holdings, Inc. has consummated a joint venture agreement with VEAMCO C.A. through its wholly owned subsidiary Money Guild De Venezuela C.A. with each party holding a 50% interest in the joint venture. The purpose of this joint venture is the exploitation of its virgin timber wood cutting lease agreement #4193 in Guyana, while simultaneously ensuring the reforestation of the lease. The Company is currently negotiating with several international exotic wood buyers through its consultant, Mr. Gary Shew of Dallas, Texas. The value of the exotic woods on this 355,200 acre lease has been estimated at $400,000,000 post-harvest based on the original "timber cruise" of 25,000 acres factored over the total lease.
Tony Lanham, the Company's recently appointed President (see news release dated February 4, 1999), brings 11 years of experience with business in Venezuela and Guyana in both the private and government sectors. Mr. Lanham is currently negotiating the rights to additional gold and diamond mining sites in the present and other timber concessions. As expressed in the Company's news release of February 4, 1999, the Company continues to trade under the stock symbol MYGD while awaiting its new trading symbol from the NASD.
The principal objective of Vencap Holdings, Inc. is to enhance shareholder value through development and production of their exotic hardwood and mineral projects and to maximize potential while ensuring sound eco-management and conservation practices.
SOURCE Vencap Holdings, Inc.
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