Business
Maple Leaf Reforestation Inc. - First sale contract from Shanzi Joint Venture
Maple Leaf Reforestation Inc. - First sale contract from Shanzi Joint Venture.
About this update from Maple Leaf Green World, Inc.
[{"type":"text","content":"\n\n\n\n(TSX-V: MPE)\n\n\nShares Issued: 51,223,980\n\n\nLast Close: 10-01-2007 $0.98\n\n\nCALGARY, Oct. 2 /CNW/ - Maple Leaf Reforestation Inc. ("Maple Leaf") is\npleased to announce that it has signed a 1 year sales contract with its Joint\nVenture parther, Huize Forestry Co. Ltd. of Changzhi, Shanzi ("Huize\nChangzhi"), to purchase a variety of Maple Leaf's tree seedlings for\n$18 million RMB (approximately $2.4 million Canadian). Huize Changzhi is a\nlocal privately owned company located in Changzhi City, Shanxi Province, which\nprovide forestry products and service to Changzhi City and other areas for\nShanxi Province. Maple Leaf entered the Joint Venture agreement with Huize\nChangzhi in June of this year.\n\n\nUnder the sales contract, Huize Changzhi will purchase approximately\n12 million seedlings in 2008. Actual delivery dates will be provided by Maple\nLeaf at a later date. The 12 million seedlings purchased will include a\nvariety of existing seedlings currently under cultivation within Maple Leaf's\nnursery facilities. The seedlings are varieties of Colorado Spruce, Chinese\nPine, Jack Pine, Scots Pine and Northern China Larch. Maple Leaf is also\nallowed to grow or purchase seedlings from an outside source if it is\nnecessary, as long as Maple Leaf still provides the guarantee of the quality\nof all the seedlings. Maple Leaf is also obligated to provide on-site training\nto Huize Changzhi's staff at least 4 times a year. Huize Changzhi is required\nto make a cash payment to Maple Leaf prior to the shipment of each delivery of\nseedlings.\n\n\nRaymond Lai, President and Chief Executive Officer of Maple Leaf, is very\npleased that it is the second sales contract to supply seedlings to a Chinese\nprovincial government. It reinforces Maple Leaf's belief that the door to the\nhuge Chinese Government's forestry sector has finally opened.\n\n\nMaple Leaf's primary mission is to provide top quality, value added\nnursery seedlings and modern Canadian tree growing technology to assist China\nin solving its desertification problems. Maple Leaf currently has over\n6,000,000 various types of seedlings under cultivation in its 110,000 square\nfoot greenhouse.\n\n\nFor further information regarding Maple Leaf Reforestation Inc., visit\nwww.mlreforestation.com.\n\n\nThe TSX Venture Exchange does not accept resp...