Jun. 21, 2010 (Filing Services Canada) -- Minaean International Corp. (MIB - TSX Venture, NJA - FWB, NJA - BSE), is pleased to announce that its wholly owned subsidiary, Minaean Habitat (India) Pvt. Ltd. (MHI), has secured a Purchase Order from Axis Bank for the supply and installation of a prototype of an ATM Kiosk to be erected in Mumbai, India. Axis Bank joins MHI's other clients who have ordered ATM Kiosks including State Bank of India, ICICI Bank and Canara Bank.
Axis Bank is one of the top four Indian banks, previously known as UTI Bank (Unit Trust of India), and is aggressively pursuing its mandate to expand in to semi-urban regions of India. The award of this trial order gives MHI an opportunity to tap in to the bank's ATM kiosk requirements as it continues its expansion efforts. ATM Kiosks remain a key product in the Modular Buildings division of MHI. The units are wholly manufactured and prefabricated in-house and then shipped to site for installation under the supervision of MHI engineers.
On May 31st, 2010, MHI announced securing a contract for the supply and installation of 27 ATM Kiosks to be erected in the state of Gujarat, India. This Axis Bank prototype order comes at a time when most of the banks are working towards providing ATM facilities to the masses throughout India.
Over the past 5 years, India's ATM industry has seen cumulative annual growth of 30 - 40%. ATMs have now become the most used touch point between a bank and its customers as more people are now moving towards using the ATM for their banking needs.
State Bank of India expects to have 12,000 ATMs within India by the end of 2010, up from their current total of over 9,000. The target number of ATMs throughout India for all other banks in the current financial year is expected to exceed 10,000 units. These developments are indicative of the scale of the potential ATM Kiosk business opportunity available to Minaean this year. The Indian Government's mandate to install "information kiosks" in over 100,000 Indian villages presents another opportunity for the Company within this sector.
About Minaean
Minaean International Corporation (MIC) is a Canadian Company focused on the development and promotion of innovative quick-build light-gauge-steel (LGS) technologies for the construction of cost-effective and environmentally friendly structures.
Minaean Habitat (India) Pvt. Ltd. (MHI), MIC's Asian subsidiary, is well known for its pioneering efforts in the manufacture of LGS components for the construction industry and modular metal buildings in India. Manufacturing operations in Mumbai comprise 65 employees. MHI's growing list of applications for the modular building concept include the manufacture and installation of Bus Queue Shelters, ATM Modular Buildings, Modular Toilets and Public Washrooms, and office blocks and bunkhouses for construction campsites. 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. Moreover, MHI now sees itself as the leading manufacturer of such modular units within the Indian market.
Minaean Power Structures Inc. is the U.S. subsidiary of Minaean International Corporation. The company uses its trademarked 'Artisan Quik-Build' system primarily to construct residential and commercial condominiums within the American 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
investors@minaean.com
(No. 2010-06-12)
Source: Minaean International Corp. (MIB - TSX-V)
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