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Gold/Mining/Energy : Fenway International Inc. - Shareholder update -- Ignore unavailable to you. Want to Upgrade?

To: Robert Shoofey who wrote (7)	10/22/1999 11:16:00 AM
From: Robert Shoofey	Respond to of 8

FENWAY RECEIVES BANK LETTER FOR FINANCING For Immediate Release: NEWPORT BEACH, CA. October 20, 1999 FENWAY INTERNATIONAL INC. (FWIN-OTC.BB) Fenway International Inc. announced today that it has received a serious bank letter outlining a financing proposal with detailed terms of agreement which Fenway finds favorable. Conclusion of the bank financing agreement is being done in concert with equity financing arrangements. The equity portion of the required capital investment is $120,000,000. The sources for this investment are both Philippine and foreign parties interested in securing long term supplies of high quality, heavy industrial grade portland cement. As a consequence of the foregoing Fenway enjoys sources of Project funding independent of the public stock market as well as sources for cement sales independent from markets supplied by existing Philippine cement producers. Both debt and equity financing agreements are currently under review and on completion of these Agreements and the securing of licenses and permits, site engineering and construction will commence. Fenway International Inc. has signed an Exclusivity Agreement with cement machinery manufacturing company Krupp-Polysius and engineering/construction company Bilfinger and Berger, both of Germany. The Agreement called for the Companies' support in Project debt financing with approximately $170,000,000 assigned to “Export Credit” and $90,000,000 assigned as bank loan. Krupp-Polysius immediately prepared and presented a 2.5 MT/yr cement plant supply contract to Fenway, and with minor refinements it is acceptable. Krupp-Polysius presented its cement plant supply proposal to German banks for their financing proposals. Fenway International Inc. is developing the Palawan Cement Project at Scott Point, Palawan and the Negros Oriental Cement Project at Guihulngan, Negros Oriental, in the Philippines at an estimated capital cost of US $720,000,000. Financing the Palawan Cement Project for US $380,000,000 has been addressed first to achieve a production target of 2,500,000 tonnes per year of high quality portland cement commencing in the last quarter of 2002. The Negros Oriental Project is to parallel the Palawan Project development one year later. Fenway International Inc. is the lead proponent in the development of two large commercial grade (Portland) cement production facilities in the Philippines. Upon completion, Fenway International will be the largest cement manufacturer in the Philippines and one of the largest suppliers in the entire Southeast Asian region. ON BEHALF OF THE BOARD H. John Wilson H. John Wilson President & CEO This material was prepared by the Company. Forward-looking statements in this release are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks and uncertainties and actual results could differ from those discussed. This material is information only and is not an offer or solicitation to buy or sell the securities. The NASD and other regulatory bodies have neither approved nor disapproved the information disclosed herein. CONTACT: Toll Free (888) 441-1132 World Wide Web Site: fenwayintl.com E-mail:fwin@fenwayintl.com Tel/Fax 632-638-7338 or 632-638-7339