Just wondering if this news was expected? or could this be something that could help the stock stay above $1 ? It looks to me that once they get this thing rolling it will turn into a money machine.
JL
International Hi-Tech Industries Inc.
announces three Joint Ventures to be
established in France and Canada
VANCOUVER, March 3 /CNW-PRN/ - International Hi-Tech Industries Inc.
Trading Symbols: VSE: IHI
OTCBB: IHITF
France
International Hi-Tech Industries Inc. (the Company) is pleased to announce that on February 27,1999 its majority-owned subsidiary, IHI International Holdings Ltd. (''IHI-International'')established a Joint Venture for France. Hi-Tech France Development Corp. will contribute U.S. $10 million for a 49% interest in the first of three factories for the region. An irrevocable down payment of U.S $100,000 on account of the first license fee of U.S. $1,000,000 has been paid. In addition, Hi-Tech France Development Corp. will pay to IHI-International the remainder of the first license fee by March 31, 2000. ''The first factory in France will serve the Northwest Region, including the Ile-de-France, Nord-Pas-de Calais, Basse-Normandie, Haute-Normandie and Picardie. The factory is expected to be operational by the end of 2000,'' said Mr. Rached. ''Two additional
factories will serve the Southeast and Southwest Regions.''
Canada
On February 28, 1999 the Company established two further Joint Ventures with Hi-Tech Canada Development Corp. (HCD). One will cover the Prairie Region of Canada and the other will cover the Atlantic Region of Canada. HCD will contribute U.S. $10 million per factory for a 49% interest each of two factories for the region. An irrevocable down payment of CDN $300,000 on account of a license fee of U.S. $2,000,000 has been paid. In addition, HCD will pay to the Company the
remainder of the first license fee by December 31, 2000 with the first factory expected to be operational by the end of 2001, and the remainder of the second license fee by December 31, 2001 with the second factory expected to be operational by the end of 2002. ''We are very pleased to be expanding our partnership for Canada with HCD, our Ontario Joint Venture Partners and significant shareholders,'' said Mr. Rached.
The business ventures will involve the application in the above territories of the building technology licensed to IHI-International and the Company. Excluding the wholly-owned factory in Vancouver,
this brings the total number of Joint Venture factories to be established worldwide to 29.
Through IHI-International, the Company will continue to develop international strategic alliances in order to generate revenue and to market the Company's products on a worldwide basis.
International Hi-Tech Industries Inc. is a company whose principal business is the development and commercialization of a new building system in Canada, and internationally through its subsidiary, IHI
International Holdings Ltd.
ON BEHALF OF THE BOARD OF DIRECTORS
''Roger A. Rached'' |
