Business
Maple Leaf Reforestation Inc. - Nursery production and Developments in Inner Mongolia, China
(TSX-V: MPE) Last Close: July 25 2008 - $0.22 Shares Issued: 56,482,327
About this update from Maple Leaf Green World, Inc.
[{"type":"text","content":"\n\n\n\n(TSX-V: MPE)\n\n\nLast Close: July 25 2008 - $0.22\n\n\nShares Issued: 56,482,327\n\n\nCALGARY, July 28 /CNW/ - Raymond Lai, President and CEO of Maple Leaf\nReforestation Inc. (TSX-V: MPE) ("Maple Leaf" or the "Company") is pleased to\nreport the following developments at the Company's facilities in Inner\nMongolia.\n\n\nNursery, Inner Mongolia\n\n\n-----------------------\n\n\nCurrent inventory of the Inner Mongolia nursery and greenhouse facility\n(the "Nursery") is 2.5 million Blue Spruce seedlings ready for sale, and an\nadditional 3 million seedlings of various types being germinated. These will\nfulfill two sales contracts valued at $1.5 million RMB (approx. $227,000 CDN)\nscheduled for delivery and payment in September. A second delivery contract\nvalued at $750,000 RMB (approx. $114,000 CDN) is under negotiation for\ndelivery in the fall of 2008.\n\n\nThe Company has secured a landscaping and supply contract with Cixi\nHuahai Plastics Co. Ltd. (Cixi), a public company listed on Shanghai Exchange,\nlocated at Cixi, Zhejiang Province of China, valued at $1,167,000 RMB (approx.\n$177,000 CDN). Under the contract, Maple Leaf will supply seedlings of various\ntypes and full landscaping services to 100 mu (16 acres) of Cixi's new plant\nfacilities. The first shipment of seedlings will commence in the fall of this\nyear for a total $150,000 RMB (approx. $22,700 CDN). The balance will be\nshipped and planted progressively.\n\n\nIn addition, a Memorandum of Understanding ("MOU") with Cixi has been\nsigned for the next three phases of the project. The first two phases involve\nlandscaping the remaining 200 mu (32 acres) of Cixi's new plant facilities,\nworth a total of $2.2 million RMB (approx. $333,000 CDN), and the third phase\ninvolves setting up a joint venture with Cixi to cultivate Blue Spruce and\nvarious types of Canadian seedlings in a new greenhouse and plantation\nfacility, worth a total of $5 million RMB (approx. $757,000 CDN). The total\nvalue of the MOU and the above contract is approximately $10 million RMB\n(approx. $1.5 million CDN).\n\n\n"We're very excited about the Company's immediate developments and sales.\nToday, all outstanding contracts inherited from the Company's previous\nmanagement have expired, been fulfilled or cancelled, and Nursery operations\na...