Minaean Habitat Secures Contract for CDN $3.1 million from MP PWD for Construction of 4 ITI Buildings in Shadol, India
Vancouver, BC, Canada – Thursday, September 5, 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 announce that Minaean Habitat (India) Pvt. Ltd. (“MHI”), its wholly owned subsidiary operating in India, has been awarded a contract for the construction of four buildings of 28,500 sq. feet each using its Light Gauge Steel construction system by Public Works Department, Govt. of Madhya Pradesh, India. This contract, one of the largest of its kind executed for such buildings in India, valued at $3.1 million has been awarded to MHI upon successfully executing contracts using its quick build light gauge steel construction technology in other states of India. The execution of the contract will take place in Shadol & Umaria in the state of Madhya Pradesh, India, and is due to commence in October 2013.
MHI has won the Madhya Pradesh Public Works Department (“MPPWD”) contract at a time that coincides with the near completion of the execution of its previous contracts with National Thermal Power Corporation (NTPC), a Govt. of India Undertaking and a Fortune 500 company, for its Thermal Power Plants valued at approximately $ 1.95 million under construction in Raigarh in Chhattisgarh, Solapur in Maharashtra and Bijapur, Karnataka.
MHI is currently negotiating for larger contracts with NTPC of a value of $1 million while working on a much larger opportunity in the state of Rajasthan using its “Artisan Quik-Build” system. In addition. MHI is negotiating for contracts with Oil and Natural Gas Commission, the oil exploration giant of India and Mazagaon Dock Ltd., a public undertaking unit involved in the construction of rigs and barges.
The Company continues to operate on a smart and efficient contract and supply chain management model maintaining a low capital investment budget and averting any risk that follows with such investments. Focusing on its core strengths in engineering, execution and contract management with reduced overheads and capital expenditure, the Company is working towards becoming self sustaining and profitable during the current fiscal year 2013-14. The Company is also working on larger contract opportunities for construction using its prefab technology through joint ventures. .
ABOUT MPPWD
Madhya Pradesh Public Works Dept. is a government undertaking unit of the state of Madhya Pradesh, India, and is the principle agency responsible for design, construction and maintenance of public buildings and infrastructure (such as roads, bridges and dams) of the state. The department works on the enhancement and improvement of the infrastructure and has publicly endorsed its faith in the use of Light Gauge Steel quick build construction system in a country which is predominantly using and is comfortable with brick and mortar construction. This state has been seen to be very proactive in its plans to improve the overall infrastructure and does not hesitate to use new technologies to achieve its targets.
ABOUT MINAEAN
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
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
