Business
BRI-CHEM CORP. ESTABLISHES VALUE-ADDED MANUFACTURING DIVISION FOR LARGE DIAMETER SEAMLESS STEEL PIPE
Jan. 10, 2011 (Canada NewsWire Group) -- TSX Venture Exchange Symbol "BRY" ...

About this update from Bri-chem Corp.
[{"type":"text","content":"\n\n\n\n Jan. 10, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nTSX Venture Exchange\nSymbol "BRY"\n\n\nEDMONTON, Jan. 10 /CNW/ - Bri-Chem Corp. ("Bri-Chem") (TSX Venture Exchange: BRY) a leading Canadian wholesale distributor of oil & gas drilling fluids,\n steel pipe and piping products is pleased to announce that it has\n ratified an agreement with Wuxi Huayou Special Steel Co., Ltd, ("Wuxi")\n of the People's Republic of China, to jointly establish a new operating\n company, Bri-Steel Manufacturing Inc. ("Bri-Steel"), that will provide\n value-added manufacturing of large diameter seamless steel pipe located\n in Edmonton, AB, Canada.\n\n\nTerms of the arrangement have Bri-Chem owning 70% of the voting common\n shares of Bri-Steel and Wuxi owning 30%.  Bri-Chem has agreed to\n advance approximately $1 million of working capital and support initial\n inventory financing as required and provide Bri-Steel with sales and\n marketing personnel.  Wuxi will contribute all the necessary equipment,\n training, installation and engineering. The equipment contribution by\n Wuxi will be in exchange for $2.1 million non-voting preferred shares\n that will be issued to Wuxi.\n\n\nThe manufactured pipe will range in outside diameter from 14" to 36" and\n will be manufactured from carbon steel using a Thermal Pipe Expansion\n (TPE) process that heats the steel tubes while being pushed by a\n horizontal hydraulic press over a man...