Minaean Habitat Lays Strong Foundation For Contracts In 2013
Vancouver, BC, Canada – January 28, 2013 – 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 provide an update on the progress of its present contracts and contracts under negotiations in India for the year 2013. Minaean Habitat (India) Pvt. Ltd., a wholly owned subsidiary of Minaean has been awarded a contract for construction of portable bunk houses by National Thermal Power Corp. (NTPC), a Govt. of India Undertaking and a Fortune 500 company, for its Thermal Power Plant under construction at Raipur in Madhya Pradesh, India. Minaean has also been awarded with a contract for construction of a security building, canopy and signage by Kennametal India Limited in Bangalore, India. Both of these contracts have been awarded recently, and another contract for supply and installation of bunk houses for NTPC is under negotiation. The total value of the contracts mentioned is in excess of $ 700,000. Successful execution of these contracts may lead to further opportunities valued at in excess of $ 2 million from this group alone in 2013.
After restructuring in 2011-12, the Company has moved towards an outsourced model focusing on its core strengths in engineering, execution and contract management. Under the leadership of its local head in India, the Company is poised for a major bounce back in 2013. Additional contract opportunities for execution under joint venture are also under negotiation at present.
India, having surpassed a GDP growth of 9% in 2007-08, has recently reported a modest growth of 5.5% for the year 2011-12. Efforts are in place to kick start 2013 with the liberalization of Foreign Direct Investment (FDI) rules to attract foreign investments in the retail sector. With a population of over 1.20 billion people, the country thrives on its consumer market driven by the masses and is confident of achieving its targeted growth for the coming year. With major power plants and manufacturing industries being set up in rural India, the solution to set up their offices and staff quarters at the site can only be provided by prefabricated structures and modular buildings. Minaean Habitat (India) Pvt. Ltd. being a pioneer in this field, is poised to attract lucrative contracts in due course.
NTPC Limited (formerly National Thermal Power Corporation) (BSE: 532555, NSE: NTPC) is the largest Indian state-owned electric utilities company based in New Delhi, India. It is listed in Forbes Global 2000 for 2011 ranked at 348th in the world. It is an Indian public sector company listed on the Bombay Stock Exchange in which at present the Government of India holds 84.5% (after divestment of the stake by Indian government on 19 October 2009) of its equity. With an electric power generating capacity of 39,174 MW, NTPC has embarked on plans to become a 75,000 MW company by 2017. It was founded on 7 November 1975.
NTPC’s core business is engineering, construction and operation of power generating plants and providing consultancy to power utilities in India and abroad.
Minaean International Corp. specializes in design, engineering, production and installation of modular and prefabricated buildings using its light gauge steel construction system trade marked “Vesta Quik-BuildTM and Artisan Quik-BuildTM” . The Company operates through its two wholly owned subsidiaries, Minaean Habitat (India) Pvt. Ltd in India and Minaean Ghana Inc. in Ghana, Africa. Through the expansion of its business model, Minaean has entered the African housing market, promoting the business of affordable housing projects in Ghana, Africa .
As pioneers in the Indian market, Minaean’s success in supply of modular buildings, designed, engineered and prefabricated in the factory environment and capable of being assembled and delivered within 7 days, has been 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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