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Gold/Mining/Energy : SIV /vse- STARTECK INDUSTRIES LTD -- Ignore unavailable to you. Want to Upgrade?

To: Rise who wrote (147)	5/20/1999 3:22:00 PM
From: Ed Pakstas	Read Replies (1) \| Respond to of 166

NEWS RELEASE MANUFACTURING FACILITY & PROPERTY ACQUIRED Starteck Industries Ltd. Trading Symbol SIV Shares Issues: 8,691,428 Thursday, May 20th, 1999 Starteck Industries Ltd. (“the Company”) is very pleased to announce that, subject to regulatory & VSE approval, it has exercised its option to purchase the old 36.45-acre Komori Mill Site & Properties located at 70-Mile House. The purchase price is $145,000.00. Terms of the transaction are the issuance of 466,667 common shares of Starteck Industries Ltd. at a deemed price of $0.15 per share for a price of $70,000.00. Huckleberry & Son Trading Co. Inc. has agreed to grant Starteck Industries Ltd. a $75,000.00. Mortgage at 8-½% for a 7-year term and payout for the balance of the transaction. The monthly mortgage payments will be $1,182.22. The closing date has been set for June 15th, 1999. The property purchase is subject to a satisfactory environmental report and feasibility study being completed. A professional appraisal on the property indicates a value of $204,000.00. The original 15,140 sq. ft. Main Mill & Plant Buildings have been inspected by a certified engineer, & these structures are well suited for Starteck to tool up the facility & begin production and manufacturing of prefabricated, modular, manufactured, & panels for the local & export housing markets. The original Komori Mill operated as a sawmill for over 20 years and employed over 75 workers. It was bought out by Lignum & then closed due to more efficient economies of scale. This historic manufacturing facility is ideally situated with on sight rail access and easy highway transportation. This acquisition augments Starteck's goal towards becoming a Fully Vertically Integrated Manufactured Housing Company. Starteck Industries Ltd. also reports that the contracted Internet Design & Marketing Company has begun development of a new Website for the company. Current efforts have been focused on designing a fast database server to establish the building blocks for the site. Over the next two weeks, content & site layout is being developed. On Behalf of the Board of Directors, Jeff Eng, President The VSE does not accept responsibility for the adequacy or accuracy of this release. -Members of the Manufactured Housing Association of B.C. -Members of the Manufactured Housing Association of Alberta and Saskatchewan.