Minaean Awarded Contract by Punjab National Bank, Mumbai, India for Construction of Prototype Modular ATM Unit
Vancouver, British Columbia CANADA, May 21, 2008 /FSC/ - Minaean International Corp. (MIB - TSX Venture), is pleased to announce that its wholly owned subsidiary, Minaean Habitat (India) Pvt. Ltd. (MHI), has been awarded a contract by the Punjab National Bank ("PNB") for the construction of a prototype of a Modular Building to house its ATM at Thane (East) Railway Station, Mumbai.
PNB has been ranked 38th amongst the top 500 Indian companies by The Economic Times and has earned 9th position among the top 50 trusted brands in India. PNB has 4,497 offices and is the largest nationalized bank -- currently serving approximately 35 million customers.
India, with one of the world's largest railway networks, has about 9,000 passenger trains running on the tracks daily carrying more than 14 million passengers. Problems such as lengthy queues and computer server issues are faced by passengers on a daily basis when it comes to the booking of travel tickets. As part of its initiative to improve ticket-booking facilities for passengers, the railways have enabled the purchase of reserved train tickets from ATMs set up at railway stations. The ATMs will utilize internet access to facilitate the E-ticketing feature of the machines thus allowing the quick and easy booking of E-tickets. The ATM site and kiosk design for internet access have already been approved. The ATMs with E-ticketing facilities will help reduce long queues at the counters. After entering into an agreement with the State Bank of India to set up 682 ATMs at railway stations, Indian Railways have also entered into an agreement with six nationalized banks to set up another 711 ATMs at railway stations for passengers to withdraw cash. Out of the 711 ATMs, 473 will have E-ticketing facilities. The banks include Canara Bank, Bank of Baroda, Dena Bank, Union Bank of India, Indian Bank and Punjab National Bank. The railways aim to set up 4,000 ATMs at various stations.
PNB plans to setup approximately 500 ATM's all over India in 2008-09. MHI has been awarded a contract for the construction of a Prototype Modular ATM Unit at Thane (East) Railway Station under BO: Thane (E). The successful fabrication and installation of the Modular ATM Unit is anticipated to lead to an extended business relationship with PNB resulting in further orders to follow in fiscal years 2008 and 2009. MHI believes it can potentially secure a major revenue stream in its current fiscal year from this opportunity and plans an aggressive resource deployment strategy towards supporting clients' expansion needs.
About Minaean
Minaean International Corp., manufactures rapid, efficient building systems using light-gauge steel. Minaean's Vesta Quik-BuildTM, Artisan Quik-BuildTM construction kits are available for houses and buildings of up to four stories.
The newly launched modular buildings designed, engineered and prefabricated in the factory environment, capable of being assembled and delivered within 7 days are an addition to the Company's innovative construction technologies. 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) 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
Suite 1304-925 West Georgia St.
Vancouver, BC Canada V6C 3L2
Phone (604) 684-2181
Fax (604) 682-4768
e-mail: investors@minaean.com
website: www.minaean.com
Source: Minaean International Corp. (MIB - TSX-V)
Maximum News Dissemination by Filing Services Canada Inc.
Ph: (403) 717-3898 Fx: (403) 717-3896 www.usetdas.com