Apr. 12, 2010 (Filing Services Canada) -- Minaean International Corp. (MIB - TSX Venture, NJA - FWB, NJA - BSE), a Canadian-based developer of alternative building technologies using light-gauge steel, is pleased to announce that its wholly owned subsidiary, Minaean Habitat India Pvt. Ltd. ("MHI"), celebrated its ground breaking ceremony at Valsad for the construction of a Hostel and Library for the Civil Hospital in Valsad on 17th March 2010.
The foundation stone for the building was laid by M/s. Seema Construction, India, and the work was commenced by the contracted work force during the auspicious moments of the Ground Breaking Ceremony. Simultaneously, MHI commenced roll forming the steel studs required for the load bearing wall panels of the building at its factory premises in New Bombay (Mumbai). This contract involves construction of a total area of approximately 24,000 sq. feet using Minaean's Light Gauge Steel construction system and the hostel will accommodate over 120 students. The contract represents revenue of over CAD$ 1.04 million for MHI. The construction is anticipated to be completed and delivered to the client by mid June 2010.
The Government of the state of Gujarat has taken the lead in introducing innovative construction technologies in India, and, with its first contract using a Light Gauge Steel wall panel system now in place, is planning on announcing 22 more projects along similar lines. MHI is targetting backing this order up with niche marketing to clients at remote locations within India to capitalize on the sourcing advantages of the construction system. The wall panels are fully prefabricated under controlled factory settings and the Company has the capability to transport to any location in the country.
Hari Varshney, Chairman of Minaean, said, "This order is another step in our attempt to bring a modern, innovative and cost-effective solution to the Indian masses. With our marketing strategy in place we are confident in our abilities to secure further orders for such buildings in the near future."
For further information about the contract to construct the hostel & library in Valsad for the Government of Gujrat, please refer to the Company's news release of February 2, 2010.
About Minaean
Minaean Habitat (India) Pvt. Ltd., a wholly owned subsidiary of Minaean, is a company well known for its pioneering efforts in the manufacture of light gauge steel components for the construction industry and modular metal buildings in India. 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. It offers a wide range of applications and has a manufacturing facility in Mumbai with a full fledged design and engineering team comprising 85 employees.
The application of the modular building concept has been expanded to include the manufacture and installation of Bus Queue Shelters, ATM Modular Buildings, Modular Toilets and Public Washrooms, office blocks and bunkhouses for campsites. Moreover, the company now sees itself as the leading manufacturer of such modular units within the Indian market.
The 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
Contact: Investor Relations
Phone (604) 684-2181
(No. 2010-04-11)
Source: Minaean International Corp. (MIB - TSX-V)
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