May 23, 2000
FENWAY INTERNATIONAL (FWIN OTC BB)
Newport Beach, CA - May 23, 2000 - The Official February 28, 2000 and the Ceremonial March 9, 2000 signings of the National Commission on Indigenous Peoples Certificate successfully completes Fenway's legal obligation to obtain community acceptance for the construction and operation of a modern 2,500,000 tonne per year cement plant and quarry in the Municipalities of Sofronio Espaņola and Quezon, Palawan.
Having accomplished this, Fenway and its Philippine joint venture partners have now dedicated their efforts to completing the formal and final applications for the Mineral Production Sharing Agreement (MPSA) and the Environmental Compliance Certificate (ECC). Fenway has obtained, as of Monday, May 22, 2000, all of the required Region IV (Palawan) local Government unit letters favorably endorsing the establishment of the cement plant. The Palawan Council for Sustainable Development (PCSD) has previously endorsed the issuance of the ECC and is to consider endorsing the issuance of the MPSA at its next meeting on May 30, 2000. The PCSD endorsement of the issuance of the MPSA is the last approval document necessary before the completed formal application is made for both the MPSA and ECC to the Bureau of Mines and Geosciences and the Department of Environment and Natural Resources, respectively.
With the Philippine Regulatory Authority process advancements Fenway has stepped up its program to close agreements for both equity and debt financing. Total project costs for the PCP to achieve production have been estimated at US$380,000,000. Fenway has spent over US$3,000,000 to date on the project. Debt financing proposals have been received from several reputable international banking sources and equity financing opportunities are currently being addressed.
Corporate organization has also begun for Fenway's other Philippine cement project in Negros Oriental in preparation for bank acceptable detailed engineering studies.
Today's retail price of cement in the Philippines is approximately US$100 per metric tonne with half of the country's supply coming from imports. Cement industry analysts predict that the cement market in the Philippines will be even stronger in 2002 when Fenway plans its first cement production from Palawan.
ON BEHALF OF THE BOARD
This material was prepared by the Company. Forward-looking statements in this release are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Those forward-looking statements are subject to certain risks and uncertainties and actual results could differ from those discussed. This material is Information only and is not an offer or solicitation to buy or sell securities.
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