 |
 | |
 |  |
| We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level. |
Fenway International Inc. - Shareholder update VANCOUVER, March 26 /CNW-PRN/ - Fenway International Inc. N.A.S.D. Electronic Bulletin Board: FWIN Dear Shareholders: Nearly seven years of preparation has brought Fenway International Inc. to a new beginning. With a bankable Feasibility Study, world class Environmental Impact Assessment and Financial Valuation Assessment in hand for the Palawan Cement Project as well as having the Negros Oriental Cement Project with its previously granted Environmental Compliance Certificate, Fenway is now positioned to complete its funding arrangements for both Projects. The March 24, 1999 Exclusivity Agreement signed by Fenway, Marsson Industrial Corporation and B&B Holdings (Phils). Inc., negotiated over many months, was a major step forward in developing construction loans and obtaining export credit for payment of project engineering contracts and for the purchase of cement manufacturing equipment. The dollar value to Fenway from Marsson and B&B financial support and assistance amounts to some US$470 million. Fenway must provide an additional US$180 million as equity. Palawan and Negros Oriental cement projects will be managed, engineered and constructed simultaneously so the funding arrangements will also be coordinated. Paramount to the financing and construction program start-up is the issuance of the Palawan Project Environmental Compliance Certificate (ECC) by the Philippine Department of Environment and Natural Resources (DENR). Issuance of approved ECC's by the DENR has been on hold pending confirmation of the appointment of Antonio Cerilles as Secretary of the Department. Secretary Cerilles was given unanimous approval by the Senate Commission of Appointments, March 24, 1999. Fenway has provided the DENR with the necessary Environmental Impact Statement (EIS) and relevant documents in support of its ECC application. Fenway believes its ECC application is complete and thorough with the EIS having been conducted to very high standards by GAIA South, Inc. of the Philippines guided by internationally renowned environmental consultant Dr. Greg C. Weary of SNC Lavalin Environment Inc. of Canada. Fenway notes the strong community support for its cement projects and the Company awaits the issuance of the ECC for the Palawan Cement Project so that it may provide paying jobs to the communities where none exist today. Corporately, Fenway has recently obtained Standard and Poors registration and has filed its application for ''Reporting'' status with the SEC. Acceptance as a Reporting company is expected within 60 days of filing and subsequently, Fenway will apply to NASDAQ for trading privileges as a ''Small Cap'' company. Coincidentally Fenway will undertake an ''Initial Public Offering'' (IPO) to augment financial participation to Fenway's equity funding requirements of US$180,000,000. ON BEHALF OF THE BOARD ''H. John Wilson'' ------------------ John Wilson President Certain statements to this Corporate Update constitute ''forward looking'' statements within the meaning of section 21E of the U.S. Securities Exchange Act of 1934. Such forward-looking statements involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. CONTACT Toll Free: 1-888-441-1132 World Wide Web Site: fenwayintl.com E-mail: fwin(at)fenwayintl.com MANILA OFFICE 2101 OMM-CITRA Bldg. San Miguel Ave.Ortigas Center Pasig City, Metro Manila Philippines Tel/Fax 632-638-7338 or 638-7339 | ||||||||||||
|
| Home | Hot | SubjectMarks | PeopleMarks | Keepers | Settings |
| Terms Of Use | Contact Us | Copyright/IP Policy | Privacy Policy | About Us | FAQ | Advertise on SI |
| © 2025 Knight Sac Media. Data provided by Twelve Data, Alpha Vantage, and CityFALCON News |