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Gold/Mining/Energy : Noble China (NMO) on TSE. Chinese Brewery Stock -- Ignore unavailable to you. Want to Upgrade?

To: Ciao who wrote (172)	6/15/1999 10:56:00 AM
From: VisionsOfSugarplums	Respond to of 248

News out today: fin-info.com Noble China Signs Reinstatement Agreement With Northern Brewery TORONTO, ONTARIO--Noble China Inc. ("Noble") announced today that it has signed an agreement with the Shanhaiguan Brewery which establishes Noble's minimum interest in the brewery and provides a basis for reinstatement of Noble's relationship with the brewery. Under the agreement, the parties confirm that Noble has paid for and owns at least a 42 percent interest in the brewery. Noble also has the right, at its option, to increase that interest to 60 percent after completing a full financial and technical audit of the brewery, by paying an additional amount to be agreed upon by the parties. Noble has made it clear that no additional funds will be committed unless there is a compelling business case to do so. The agreement brings to a conclusion a long running dispute relating to consideration for a 60 percent interest in the Shanhaiguan Brewery purportedly arranged in 1994 by Lei Kat Cheong, the then chairman of Noble and his brothers, who were solely responsible for all negotiations with the brewery on behalf of the Company. However, the local municipality which owned the brewery claimed that it did not receive the full amount of the consideration for the 60 percent interest. As a result of this claim for unpaid consideration, Noble has been unable to assert any ownership rights in respect of the brewery, including auditing its financial statements. The next steps will be for the Shanhaiguan Brewery to apply for approval of the agreement by the relevant Chinese authorities. Noble will then appoint its nominees to the board of directors of the brewery and begin the preliminary audit procedures. This will be followed by a complete financial and technical audit of the brewery by Noble's independent auditors and technical advisors. It is estimated that this process, including the audit, will take a number of months to complete. -30- Regards, t.