FFAX update news
Frefax Announcement and Update
MONTREAL--(BUSINESS WIRE)--Nov. 29, 2000--Further to the announcement of September 19th, 2000, regarding Interim
Officers, The Board of Directors of Frefax Inc. (OTCBB:FFAX - news) is pleased to confirm the following appointments as Officers.
Mr. Michael Strizzi shall assume the position as CEO to take effect immediately. Mr. Strizzi brings with him many years of experience working with Publicly Traded
Corporation.
Mr. Bruce Taub B.A.LL.L. has been appointed Secretary and General Counsel. Mr.Taub is a member of the Quebec Law Society since 1981 and has been
practicing in the field of Corporate, Real Estate and Securities Law. This appointment shall take effect immediately as well.
On August 25,2000 in a joint statement by Frefax and Zaveco Development Corporation, Zaveco through its wholly owned subsidiary 3739597 Canada Inc.,
concluded an offer to purchase a parcel of land situated on Atwater and Notre Dame Street in the City of Montreal for the amount of Four Million Dollars
($4,000,000.00) in Canadian currency. The said offer allowed Zaveco the option to acquire as well a parcel of land referred to as the Cote Vertu Property for
future development referred to in the news release dated September 19th, 2000.
On August 30, 2000, Zaveco and Frefax entered into an agreement to purchase 100 Issued total outstanding Common Shares of Zaveco Development Corp. the
price to be determined at a later date. Upon due diligence of Zaveco by Frefax Inc.
On August 31st, and September 1st, 2000 respectively, the corporations announced the possibility of the Le Sanctuaire Ville Maria project. The board has
subsequently decided to delay any further activities pertaining to this project in order to concentrate its efforts on the development of the Atwater project situated
downtown.
On September 19th, 2000 the Corporation announced the appointment of a new Board of Directors and officers which would evaluate the option regarding the
possible purchase and resale of the Cote Vertu property before the expiration date of December 15, 2000.
On September 19th, 2000 the corporation announced that it was in the final stages of entering into an exclusive agreement for the Uyama Enzyme Treatment for the
purpose of producing and distributing the said product in the global market excluding Asia. This agreement was signed with Grandy Enviro Services Inc., the
exclusive agent and licensee for Quebec, Canada, the USA, Mexico and Venezuela. On September 18th, 2000, Frefax, in order to finalize the contract, will provide
the sum of One Million Dollars ($1,000,000.00) U.S. Dollars to Grandy in the following disbursements.
$500,000.00 USD for the purchase of 100 Kilograms of inventory of the Uyama Enzymes; The additional $500,000.00 USD shall be utilized for the acquisition of
Fifty Per Cent (50 %) of the outstanding Common Stock of Grandy Enviro Services Inc.;
The principle of Grandy, Mr. Le Tuan Tu has been authorized by the parent company Grandy International Inc. of Osaka, Japan to negotiate the construction and
development of a manufacturing facility in Canada with Frefax in order to supply the global market excluding Asia.
These negotiations with Grandy Enviro Services Inc. should be concluded prior to the end of this year.
On October 13th, 2000 Zavco Development Corporation received a bonified written favorable offer to finance the commercial aspect of the Atwater Project form
the Ontario Municipal Employees Retirement System for an amount of Fifteen Million Five Hundred Thousand Dollars ($15,500,000.00) Canadian. The term for
repayment of the said loan is ten years. The interest rate is to be calculated at 185 basis points over the six (6%) per cent Government of Canada bond rate, this loan
is presently being negotiated.
On October 18th, 2000 Zaveco Development has entered into negotiations with the Corporation of Administration of Public Markets of Montreal, which includes
the Association of Agriculture Producers of Quebec to lease 80,000 square feet of the Atwater Property at a rate of Eighteen Dollars ($18.00)per square foot on a
triple net basis.
Zaveco has also filed a grant application for Soil Decontamination with the Quebec Ministry of the Environment. It has received approval for a grant totaling One
Million Three Hundred Thousand Dollars ($1,300,000.00) to decontaminate 78,000 metric tons of soil on the Atwater Project.
Zaveco has until December 15th, 2000 to exercise its option regarding the acquisition of the Cote Vertu Property or forfeit the $250,000.00 Canadian Dollars
deposited on the property situated in the suburb of St. Laurent.
Following the above summary the Corporation has decided to concentrate on the completion of the acquisitions of Zaveco Development Corporation and Grandy
Environmental Services Inc. before year end.
This statement may contain forward-looking statements that involve risks and uncertainties, including with limitation, continued acceptance of the company's products
and services, increased levels of competition, products and technology changes, the company's dependance on financing third-party suppliers and the property rights
and other risks detailed from time to time in the company's federal filing annual reports, offering memorandum and prospectus.
Contact:
Frefax Inc.
Michael Strizzi
Tel: 514/821-8001 |
