July 5, 2000
PALAWAN CEMENT PROJECT SITE WORK UNDER STUDY
Newport Beach, CA - July 5, 2000 - With the recent initiatives of Philippine President Joseph Estrada several new Environmental Compliance Certificates have been issued to resource development companies in the Philippines to allow project construction. This is a very positive move that will stimulate foreign investment into the Philippine economy as encouraged by President Estrada.
Fenway and its Philippine joint venture partners have incorporated Palcan Mining Corporation (PMC) and Palcan Cement Corporation (PCC) to facilitate operating as a joint venture mining company and a joint venture manufacturing company in compliance with Philippine law. Presently PMC is working in concert with its Philippine partners to finalize the applications for their Mineral Production Sharing Agreements (MPSA) and their Environment Compliance Certificate (ECC).
With the confidence that the MPSA's and ECC will be granted soon, PMC Senior Mining Engineer Basillio Ayson accompanied senior sales and engineering officers from Krupp Polysius (K-P) (German international cement machinery manufacturer); Bilfinger and Berger (B+B) (German international engineering management and construction contractor); and other relevant international machinery manufacturing, engineering and construction companies to the cement plant site area. The companies in attendance are all considered world class and will collaborate to prepare a turnkey engineering-construction contract proposal to Palcan Cement Corporation. The proposal will include equipment supply, engineering management, design and construction for the port, power, plant and quarry-to-plant conveyor. The quarrying contract is to be handled separately.
Fenway has a Letter of Intent with Krupp Polysius and Bilfinger and Berger whereby K-P will supply cement production equipment and B+B will provide engineering management to the Palawan Cement Project. They also agree to assist Fenway in negotiations with German banks for loans and Export Credit. Fenway is proceeding in these arrangements.
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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