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

To: Rise who wrote (156)	5/25/1999 7:29:00 PM
From: Ed Pakstas	Read Replies (2) \| Respond to of 166

Starteck signs Chinese joint venture housing project Starteck Industries Ltd SIV Shares issued 8,691,428 May 25 close $0.12 Tue 25 May 99 News Release Mr. Jeff Eng reports Starteck Industries Ltd. has signed a letter of intent between Cheong Tat Corporation of Las Vegas, Nev., and Beijing Chung Young Trading & Development Company of Beijing, China, to supply panel housing for a residential housing development of not less than 200,000 square metres of land and property, situated in the Beijing Wan Beg Yuen Garden residential district of Beijing. The development proposes for Starteck to provide residential housing in a multiunit development to cover 70,000 square metres or 752,000 square feet. The development will require three-storey apartment and condominium style structures, as well as one, two and three-storey single family detached homes. Starteck will also provide the necessary expertise and technology, complete with an on site training crew for a minimum period of three months. It is further proposed that Cheong Tat Corporation will provide a $20-million (U.S.) loan to finance the residential development, and that Beijing Chung Young Trading & Development Company will supply the land. Starteck is confident it will be able to meet the required terms of this contract and begin manufacturing panels at its new manufacturing facility to be located in 70-Mile House, B.C. It is estimated that 15 to 20 full-time employees will be required in order to maintain an adequate production level at the 70-Mile House facility. Easy rail access will allow shipments to proceed via the Vancouver port directly to Shanghai, China in a timely and reliable fashion. In consideration of each company's participation in the joint venture, Starteck will receive 30 per cent of gross revenues, Cheong Tat Corporation 30 per cent of gross revenues, and Beijing Chung Yeung Trading & Development Co. Ltd. 40 per cent of gross revenues. The letter of intent is subject to the parties entering into a formal joint venture contract for the mutual financial benefit of each company. The term of the proposed contract is for three years, or until the project in the Beijing Wan Beg Yuen Garden residential district is complete. The first delivery dates are scheduled to Beijing, China, on or before Oct. 15, 1999. Cheong Tat Corporation has advised Starteck that it is an asset management company with assets of over $1.1-billion (U.S.) according to its audited financial statements as of Dec. 31, 1998. Cheong Tat Corporation is engaged primarily in the business of acting as a trust/or manager for corporate as well as individual clients. Currently Cheong Tat Corporation advises it manages and has in trust on behalf of clients, over $16-billion (U.S.) in assets, and works closely with several major international institutions, and searches for qualified business asset investments, which will achieve a high rate of return for clients. Starteck understands that the officers and directors of Cheong Tat Corporation have an extensive client and finance background, and over 100 years of combined business experience in the management and development of international business. Starteck is advised that Beijing Chung Yuen Trading & Development Co. Ltd., is an established land developer, which has completed other successful land development projects around the Beijing area. Starteck has contacted the Business Development Corporation to work in liaison to conduct an independent review and due diligence of the Beijing contract proposal and to work directly with the Export Development Corporation to ensure that letters of credit are negotiated in a fast and reliable manner and to ensure that Starteck is paid for its products and services in a timely and expedient manner. A number of loan programs are also available for Canadian exporters and manufacturers and Starteck management is pursuing these opportunities in co-operation with the Business Development Bank and the Canadian Commercial Corporation. A finder's fee will be paid to Swishino Ridge Capital Inc., under the policies of the Vancouver Stock Exchange. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com