Update on Staff Housing Project, Ministry of Health, Ghana
Vancouver, BC, Canada – November 29, 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 provide an update on the progress of its proposed contracts in Ghana. After an allocation of two parcels of land by the Ministry of Health, Ghana (“Ministry”), in November 2011 and completion of the Detail Project Report (“DPR”) on the proposed project of construction of 665 units at Tema General Hospital, the Company signed a Memorandum of Agreement (MOA) with a Montreal based engineering and construction group as a subcontractor for project. The Company is pleased to inform that the necessary proposals have been submitted to the Ministry for approval. As per the request of the Ministry, Minaean carried out and completed the DPR by June 2012 which was the basis for the proposals submitted.
As a result of the upcoming general elections in Ghana (scheduled for December 6th 2012), the contract negotiations pursuant to the proposals have been postponed to January 2013, onwards, when a new Parliament have been elected.
Minaean is also in the process of submission of concept designs and proposals for construction of an additional 1,000 units requested by the Ministry of Water Resources, Works and Housing for staff quarters for their Defense and Security personnel. The company anticipates to have a positive outcome on this new prospect by the second quarter of 2013.
As per the latest review published by Department of Foreign Trade and industry, Canadian Govt.’s foreign office, Ghana located in West Africa, has been declared to be one of the world’s fastest growing economies. In 2012, the International Monetary Fund (IMF) reported the economy grew 14.4% in 2011 and is expected to grow 8.2% in 2012. Driving this growth is the continued prosperity of the gold mining industry (Africa’s 2nd largest), high gold prices, and cocoa export. Approximately 100 Canadian companies are currently active in Ghana (47 with offices and the balance with agents). The two countries had over $320 million in two-way trade in 2011. Overall, in the West African context, Ghana is seen as a safe, politically stable business environment with a predictable, regulated business environment and a respect for the rule of law. This stability prompts many companies to use Ghana as a service hub for all of West Africa.
Minaean International Corp. manufactures rapid, efficient building systems using light-gauge steel. Minaean’s Vesta Quik-Build™ and Artisan Quik-Build™ 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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