From the FULL annual report, I get that they own 707,000 acres, in brazil. They own 30,000 hecacres (~75,000 acres) in Peru that they owe a payment of ~$424,000 . The other land in Bolivia and Peru are long term concessions.
From the filing (bolds are my doing):
In July 1994, Registrant entered into an agreement with Ramiro Fernandez-Moris and his family to acquire assets held by them in the family owned corporation Forest and Environmental Resources of the Amazon, Inc. ("FEROA"). These assets consist of 478,000 acres of freely owned timber producing property in Brazil
In May, 1997, Registrant purchase an additional 251,000 acres of primetimberland close to its freely owned property in Brazil. This additional acreage is destined for environmental programs that are being established by Registrant. These programs will be conducted in a wholly owned subsidiary, Madera International Environmental, Inc.
BUSINESS
Registrant specializes in the harvesting and exportation of timber products from South America to buyers throughout the world. Registrant owns approximately 707,000 acres of prime timber property in the State of Amazonas, Brazil.
(out of sequence)
2
On March 30, 1995, Registrant entered into a Timber Concession Purchase Agreement with Mandarin Overseas Investment Co., Ltd. ("Mandarin") for the acquisition of a twenty three and one half percent (23.5%) interest in a mahogany rich concession in Peru. The Registrant had certain disputes with Mandarin. In the resolution of those disputes, the Registrant acquired an additional sixty percent (60%) interest, bringing the Registrant's total interest to 83.5%. Then subsequently, due to the potential of this property, Registrant acquired an additional 14.5% bringing its total ownership to 98%. The concession encompasses 30,000 hectares and has approximately 400 million board feet of marketable hardwood in reserve. The concession is for ten (10) years with a renewable option for an additional ten (10) years, and a further option to turn the concession into free ownership for a minimal cost. The extraction rights are approximately 270,000 cubic meters annually.
The purchase price of this acquisition is one million five hundred thousand dollars ($1,500,000). This amount has been paid with the exception of $423,750 that remains on the books as a liability until stock is issued converting the liability to equity.
Dave |
