Acceptance of Concept Designs and Start of the Detail Project Study – Affordable Housing Project, Ministry of Health, Ghana
Vancouver, BC, Canada – January 17, 2012 – Minaean International Corp. (TSX-V: MIB; Berlin and Frankfurt Stock Exchanges: NJA) (“Minaean” or the “Company”), a Canadian-based developer of alternative building technologies, using light-gauge steel, is pleased to announce that further to the allotment of two parcels of land by the Ministry of Health, Ghana in November 2011, Minaean’s technical team revisited Accra on December 17th, 2011, for meetings with the officials of Korle-Bu Teaching Hospital (“Korle-Bu”) and Tema General Hospital (“Tema”) to present and conform on the concept designs. Officials of both these hospitals confirmed their acceptance subject to minor changes which have already been implemented.
Based on the acceptance of the concept design presented, Minaean is pleased to announce that it has appointed “PREDIOS”, one of the well known architects of Accra, Ghana, to start on the Detail Project Study (“DPR”)for construction of approximately 2,500 affordable housing units at Korle-Bu and 620 affordable housing units at Tema. The DPR will be based on the construction of 4 storey apartment buildings to provide the Affordable housing units mentioned above on the two parcels of land, namely – 48 acres at Korle-Bu and 26 acres at Tema – allotted during the team’s previous visit and as announced in the Company’s news release of December 12th, 2011. The total estimated contract value of $ 130 million is expected to be broken down in to smaller parts to be executed in phases as per the need of both these hospitals. The total need for Korle-Bu is for 5,500 units. The balance of those units will be constructed upon further allocation of land. The DPR is expected to be completed by the end of January 2012 enabling the Company to start with the contract negotiations.
The DPR is being prepared in coordination with the technical teams of the individual hospital authorities and will be ready for contract negotiations around the 2nd of February 2012. Minaean’s technical team will once again visit Accra, Ghana, shortly to finalize the DPR before the start of the contract negotiations.
Minaean International Corp. manufactures rapid, efficient building systems using light-gauge steel. Minaean’s Vesta Quik-BuildTM and Artisan Quik-BuildTM construction kits are available for houses and buildings of up to four stories in India. The Company operates through its two wholly owned subsidiaries, Minaean Habitat (India) Pvt. Ltd in India and Minaean Building Structures Inc. in North America.
The modular buildings, designed, engineered and prefabricated in the factory environment and capable of being assembled and delivered within 7 days, are an addition to the Company’s innovative construction technologies. The application of the modular building concept has been expanded to produce and install Bus Queue Shelters, ATM Modular Buildings, Modular Toilets and Public Washrooms, office blocks and bunkhouses for campsites. The strong, affordable, ecologically sustainable structures present a promising solution to the mass housing shortages in developing countries and disaster-stricken areas, in addition to a range of conventional applications.
Through its “Artisan Quik-Build” system, Minaean has conducted engineering and constructed buildings up to 7 stories high in Oregon, USA.
Shares of Minaean International Corporation are publicly traded on the TSX Venture Exchange under the symbol “MIB” and on the Berlin and Frankfurt Stock Exchanges under the symbol “NJA”. For more information, please visit www.minaean.com.
On behalf of the Board of Directors
MINAEAN INTERNATIONAL CORP.
“Mervyn Pinto ”
Mervyn Pinto, President & Director
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