Minaean Awarded Additional Contract Valued at $268,000 for Installation of Light Boxes on Bus Queue Shelters In Mumbai, India
Vancouver, British Columbia CANADA, April 17, 2008 /FSC/ - Minaean International Corp. (MIB - TSX Venture), ("MIC" or the "Company") is pleased to announce that it has been awarded an additional contract by the Mumbai Transit Authority for the installation of light boxes on 100 bus queue shelters. The light boxes contract is valued at CDN $268,000.
The bus queue shelters are of an ultra modern stainless steel design and fabricated and installed by MIC's wholly owned subsidiary Minaean Habitat (India) Pvt. Ltd. ("MHI") in Mumbai, India. The contract for the production, supply and installation of 100 bus queue shelters, which was awarded to the Company last month, is currently being executed with MHI having produced and installed 5 units in the last 15 days.
In Mumbai alone, there are about 1,800 bus queue shelters that need to be constructed. With the successful completion of this initial order, the potential to receive further larger orders is high. The Company has also completed its prototype in Bangalore and is hopeful to be awarded a contract shortly. Bangalore, India's IT hub is one of the many cities undergoing an upgrade. Of its existing 2,300 bus queue shelters, 500 are planned to be replaced within the next 12 months.
Hari Varshney, Chairman of Minaean, commented, "Given the Company's capability to deliver on these initial contracts, we are excited by the strong prospect of receiving additional orders throughout India. Other cities such as Chennai, Hyderabad and Chandigarh follow a similar bus queue shelter model; making Minaean a leading contender to receive future business for this type of product."
Separately, while the Indian and North American subsidiaries are engaged in the execution of the contracts on hand, the Company has submitted its pre-qualification bids for the production, supply and installation of camp sites to accommodate personnel engaged in mining operations in Australia. MIC is aggressively pursuing its modular building business to be a leader in the industry outside of India.
About Minaean
Minaean International Corp. is an innovator of rapid, efficient building systems using cold formed steel technologies. Currently, Minaean has four systems: the 'Vesta Quik-Build' (patent under process), 'Artisan Quik-Build', 'Modular Quik-Build' and 'Artisan Composite System'.
Minaean provides an all encompassing in-house design, engineering, prefabrication, supply and installation of modular buildings and light gauge steel load bearing wall panels with flooring systems capable of being assembled, delivered and installed within 7 to 10 days. 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.
Shares of Minaean International Corporation (parent company) is 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
Contact: Investor Relations
Phone (604) 684-2181
investors@minaean.com
Source: Minaean International Corp. (MIB - TSX-V)
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