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Eagle Capital International, Ltd. Announces South African Joint Venture
Business Wire - April 08, 1999 10:16
SALT LAKE CITY--(BUSINESS WIRE)--April 8, 1999--Eagle Capital International, Ltd. (OTCBB:ECIC) President Douglas Alan Dent announced that Eagle has signed an exclusive joint venture agreement with Insulated Masonry System SA PTY, Ltd. (IMSI-South Africa) for the purpose of developing housing construction projects in the Republic of South Africa (RSA).
IMSI-SA, which has been active in South Africa since 1993, is currently in production and has already completed structures in the Capetown region.
Over the past two years, IMSI-SA has developed a relationship with the RSA Ministry of Housing. This agency is charged with developing a large-scale government-funded housing construction campaign of up to 1,000,000 homes over the next few years. This campaign was recently announced by South African President Nelson Mandela as a national priority.
Through its joint venture, Eagle has formally established business relations with the Mandela Government and IMSI-SA's partner/developer Julius Magwa, a long-time ally of the President. Mr. Magwa has been awarded initial contracts to build over 10,000 houses as a first phase of the housing program. These houses will be built in the East London/Mdantsane area initially. Mr. Magwa has designated the IMSI(R) block as the chosen building system for all contracted projects. Details of further projects will be announced as appropriate.
In other projects, Eagle joint ventures have estimated that each housing unit would employ approximately 1,000 blocks per unit with a profit of $.10 to $.15 per block. If these projections were to follow the typical pattern of other international projects, it would mean sales of 10,000,000 blocks for the initial phase with anticipated profits of $1 to $1.5 million.
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.
CONTACT: Eagle Capital International, Ltd.
Corporate Management, 604/622-5561
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