To: Stock Watcher who wrote (19261 ) 11/18/1999 9:08:00 AM From: Mr Metals Read Replies (1) | Respond to of 52051
THE NEWEST CHINA PLAY?? GOALS: A 100 MILLION DOLLARS IN 4 YEARS Applies to -- ECIC Eagle Announces Commencement of China Contract BOCA RATON, Fla., Nov 18, 1999 (BUSINESS WIRE) -- Eagle Capital International Corporation (OTCBB: ECIC) today announced that the joint venture between its Great Wall New Building Systems subsidiary and Shuanglong ("Double Dragon") Cement Works of Beijing, Mi Yun, PRC, has received its business license and formal permission to operate within the burgeoning Beijing construction market as a supplier of its proprietary reinforced insulated wall system and as a vendor of building block and materials to the general market. Great Wall has a controlling 55% stake in the joint venture. This clears the way for full scale production to start in January 2000. Production is slated to begin to supply the construction of 500,000 sq. meters (5 million square feet) of residential development approved by the Beijing Mi Yun County Construction Commission using the patented insulated wall system. The venture will be producing building block for the general market as well. The company will generate gross revenue from wall system sales and general market sales of commodity block in excess of $12 million during fiscal 2000. Based upon current commitments, gross sales will more then double the following year with the scheduled installation of a second line. In addition, Great Wall's PRC partner, Double Dragon, has initiated discussions to replicate the Beijing operation in northern China's Liaoning Province. These operations alone will easily surpass Eagle's goal of $100 million in gross sales from the joint venture over the next 4 years. Eagle/Great Wall is also working on plans to roll out the project nationwide in partnership with the Chinese Building and Technical Bureau. According to Great Wall's President, Steven Levy, himself a veteran of 10 years of commercial experience in China, the new joint venture will be a formidable presence in the greater Beijing market and will be the only supplier of high grade masonry block located within the greater limits of Beijing.. "There is an unmet need for local source of high grade masonry for large scale building in and around Beijing, and we are now it," says Levy. "With the phase out of red clay brick for environmental reasons and improvements in building standards, particularly for large scale industrial complexes and new residential development, there is serious shortage of supply and we decided to double our production run in response to our customer's demands. China's accession to the WTO can only intensify this demand. Within 4 months, we will be running virtually around the clock." Great Wall's joint venture partner, Double Dragon, is a self sustaining enterprise under the Beijing municipality, produces 400,000 metric tons of cement annually and has earmarked approximately 20% of its production for the venture with Great Wall. The two projects contracted for first use in China of the insulated wall system are a six story residential development developed by Double Dragon and a group of vacation villas which were commissioned by the Mi Yun area's tourist development authority. The Mi Yun Lake district's expansive reservoir is the major source of water supply for Beijing and a major tourist attraction, including sections of the Great Wall newly opened for tourism. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by Eagle) contains statements that are forward-looking, such as statements relating to the future anticipated direction of the industry, plans for future expansion, various business development activities, planned capital expenditures, future funding sources, anticipated sales growth and potential contracts. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of Eagle. These risks and uncertainties include, but are not limited to, those relating to development and expansion activities, dependence on existing management, financing activities, domestic and global economic conditions, changes in federal or state tax laws and market competition factors. Copyright (C) 1999 Business Wire. All rights reserved. Distributed via COMTEX. -0- CONTACT: Eagle Capital International, Ltd. Anthony D'Amato, 561/988-2550 WEB PAGE: businesswire.com GEOGRAPHY: FLORIDA TEXAS CALIFORNIA INTERNATIONAL INDUSTRY CODE: BUILDING/CONSTRUCTION Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page.