July 14, 1999
The following information letter from Fenway Resources Ltd. to its shareholders is also of interest to Fenway International Inc. shareholders.
LETTER TO SHAREHOLDERS
Fenway management wishes to thank all shareholders for their continued patience and support during the last year since the assets of Fenway Resources Ltd. namely, the Palawan Cement Project, were sold to Fenway International Inc. in exchange for Fenway International shares. Your understanding has been much appreciated.
Management would like to take this opportunity to bring shareholders up-to-date on the status of the Fenway International Inc. shares held in Fenway Resources Ltd. and the Company's plans to distribute these shares to shareholders.
On November 18, 1998, the Company informed shareholders that shares of Fenway International Inc. held by Fenway Resources Ltd. were subject to a one-year hold before they could be traded. The one-year hold period ends on August 8, 1999. It was reported that registration of Fenway International Inc. as a "Reporting" company would allow the Company to apply for these shares to be exempted from the regulatory holding period. On May 11, 1999, Fenway International announced that their Form 10-SB Registration Statement to become a Reporting Company filed on March 8, 1999 became effective. Following that announcement the Company, by SEC regular procedure, was notified of certain filing deficiencies which were immediately addressed by Fenway's legal counsel. As at this date Company counsel is preparing a deficiency letter response to the SEC and Fenway International expects to receive confirmation shortly that the Company has become fully Reporting.
As the time to process an application for exemption for Fenway International shares to become tradable would exceed the hold period ending August 8, the Company will let the period expire without further action. Following the expiration period, a decision will be made on the future of Fenway Resources and the Fenway International shares held by Resources. The more likely scenario is that Resources will be wound up and the Fenway International Inc. shares distributed to its shareholders. This step would most likely be initiated at the same time that Fenway International Inc. applies for trading privileges on NASDAQ.
If you would like to contact the company directly, please call Fenway International at (888) 441-1132 or fax (604) 844-2267 or visit their website at www.fenwayintl.com.
This material was prepared by the Company and disseminated by The Hawke Group, Inc. ("Hawke") for the Company discussed herein, based upon Company supplied information or other sources believed to be reliable. The information is not guaranteed by Hawke for accuracy or to be all inclusive. Forward-looking statements in this release are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These 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 the securities. Hawke, its affiliates, and/or its officers, directors and employees may from time to time have a position in this security. The Hawke Group has been compensated.
ON BEHALF OF THE BOARD
The NASD and other regulatory bodies have neither approved nor disapproved the information disclosed herein.
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