May 31, 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 for the manufacture and installation of 27 new ATM Kiosks in the Indian state of Gujarat. This order from HCL InfoSystems Ltd., one of India's leading hardware, services and ICT systems integration providers, will generate revenue of CAD$ 220,000 and is anticipated to be delivered within 2 months.
The ATM Kiosks will be wholly manufactured and prefabricated in Minaean's plant at New Bombay and then shipped to site for installation under the supervision of MHI engineers.
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 600,000 Indian villages presents another opportunity for the Company within this sector.
ATM Kiosks have steadily become a stable revenue source for the Company over the years with continued industry growth bringing in substantial business. Mr. Hari Varshney, Chairman of Minaean, commented, "We are pleased to report yet another significant business development in the current year. While our business model is not centered on the supply of ATM Kiosks, diversification into this industry has benefited us with repeat business from the biggest players in the industry."
About HCL InfoSystems
HCL InfoSystems Ltd is India's premier hardware, services and ICT systems integration company offering a wide spectrum of ICT products that includes Computing, Storage, Networking, Security, Telecom, Imaging and Retail. HCL is a one-stop-shop for all the ICT requirements of an organization. India's leading System Integration and Infrastructure Management Services Organization, HCL has specialized expertise across verticals including Telecom, BFSI, eGovernance & Power. HCL has India's largest distribution and retail network, taking to market a range of Digital Lifestyle products. The company is involved in providing banking solutions to the general public by providing ATM services through their own kiosks in the areas where banks have yet to set up their branches.
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
MINAEAN INTERNATIONAL CORP.
Phone (604) 684-2181
investors@minaean.com
Source: Minaean International Corp. (MIB - TSX-V)
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