AUGUST 24, 1999
NEW FENWAY REPORT CONFIRMS STRONG PHILIPPINE CEMENT MARKET
NEWPORT BEACH, CA. September 8, 1999 - FENWAY INTERNATIONAL INC. (FWIN-OTC BB)
Fenway International, Inc. has received a Report from Mr. Friedhelm Menzel titled "Market Study of the Philippine Cement Industry 1999-2004". Mr. Menzel is the Company's newly-appointed General Manager of Cement Operations for the Philippines. The Report references authoritative Philippine Government sources that the Government is committed to infrastructure projects that will require more cement than is currently produced in the Philippines.
The Report effectively refutes the often repeated propaganda in some Philippine newspapers that claim there will be a cement oversupply until year 2007. (e.g. Phinma, Philippine Daily Enquirer, August 17, 1999)
Housing construction use of cement is not included in the Report because, while substantial, the tonnage required pales in the light of the cement required for the dedicated, massive infrastructure projects.
Mr. Menzel will travel in September from Manila to North America for meetings with Company management, contractors and corporate venture capitalists whose collective purpose is to finalize the equity funding for the Palawan Cement Project. Krupp-Polysius and Bilfinger and Berger of Germany have already agreed to support the loan and export credit portion of the Palawan funding. Estimated capital costs for the project are US$380,000,000.
Fenway International Inc. is the lead proponent in the development of two large commercial grade (portland) cement production facilities in the Philippines. Upon completion, Fenway International will be the largest cement manufacturer in the Philippines and one of the largest suppliers in the entire Southeast Asian region.
For information contact: 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. 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.
ON BEHALF OF THE BOARD
The NASD and other regulatory bodies have neither approved nor disapproved the information disclosed herein.
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