ECIC NEWS!!!!!!
Eagle Capital International Ltd. Announces Acquisition
Business Wire - February 23, 1999 11:57
SALT LAKE CITY, Utah--(BUSINESS WIRE)--Feb. 23, 1999--Eagle Capital International Ltd. (OTCBB:ECIC). Douglas A. Dent, president, announced that Eagle has signed an agreement to acquire a controlling interest in a second international building joint venture, Construction Technologies of India (CT India).
CT India has the right to employ the internationally patented IMSI Building System in India. Together with the previously announced acquisition of CT China, this acquisition continues Eagle's expansion into international building markets.
CT India has completed the walls of its first building in the Greater Bombay (India) Area. This 20,000 square foot facility is the precursor to the signing of a contract to construct a medium-rise social housing project over the next two years. Production of the IMSI patented block will be ramped-up to a target of 1 million blocks per month by June 1999 in order to meet the anticipated requirement of 24 million-25 million blocks for completion of the project. The company anticipates net profits of $.10-.15 per block.
The IMSI(R) Insulated Reinforced Masonry System is a block wall system, using mortarless, dry-stacked construction techniques according to the specifications of the Standard Practice for Construction of Dry-Stacked Surface Bonded Walls (ASTM C 946). Following nine years of development and testing of the Block System, obtaining Patent protections, erecting over 1,000 buildings nationwide, obtaining local and regional building board approvals, and finally, obtaining the ICBO (International Conference of Building Officials) approval status, the Block System is staged for the commercialization phase of development.
The IMSI(R) Wall System offers several advantages over typical construction methods: cost-competitive; rot-proof; fireproof; architecturally adaptable; environmentally friendly; used for residential, commercial, and government construction; thermal efficiency for extreme climates. The Block System also is labor friendly, using local, semi-skilled workers who are quickly and easily trained. The IMSI(R) Wall System has been tested in different sizes and configurations and has performed with predictable results allowing architects and engineers to design with confidence.
For more information, please call Gene Cardinal 604/622-5561.
CONTACT: Eagle Capital International Ltd., Salt Lake City
Gene Cardinal, 604/622-5561
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