Minaean Awarded Contract from ICICI Bank for Constructing 20 Modular Units for ATMs in Mumbai, India
Vancouver, British Columbia CANADA, March 25, 2008 /FSC/ - Minaean International Corp. (MIB - TSX Venture), is pleased to announce that its wholly owned Indian subsidiary, Minaean Habitat (India) Pvt. Ltd. ("MHI"), has been awarded a contract by ICICI Bank, India's second largest bank, to construct 20 modular units to house its ATMs located within the Central and Western Railway Stations in Mumbai, India. The modular units for the ATMs will be constructed using MHI's Modular Quik-Build(tm) technology. The successful execution of the recent supply and installation of 30 modular units to house ATMs for Canara Bank in January, 2008, has resulted in the award of this contract.
India has one of the world's largest railway networks. On a daily basis, approximately 9,000 passenger trains operate and carry more than 14 million passengers. Indian Railways intend to set up 4,000 e-ticketing facilities at various stations as part of an initiative to alleviate the long queues at the counters. The ATMs allow the purchase of train tickets as well as other banking services.
Indian Railways recently signed a Memorandum of Understanding with ICICI Bank for selling e-tickets through merchant establishments located in 125 cities across the country. Upon successful execution of this order, MHI anticipates receiving further larger contracts from both ICICI Bank and other major Indian banks.
Mr. Hari Varshney, Chairman of Minaean, commented, "We are very pleased that the success MHI had with the execution of the order for Canara Bank has led to further orders in this business segment. We are delighted to receive this order and look forward to developing a strong relationship with ICICI Bank."
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
Minaean International Corp.
Suite 1304-925 West Georgia St.,
Vancouver, BC Canada
V6C 3L2
(No. 2008-03-05)
Source: Minaean International Corp. (MIB - TSX-V)
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