October 26, 2000
PALAWAN CEMENT PROJECT Newport Beach, CA - October 26, 2000 - Fenway International Director Dr. Carlos Fernandez and Company consultant Dr. Amy Rara, both noted Philippine anthropologists, are spearheading the F.A.I.T.H. program in the region of Fenway's Palawan Cement Project (PCP). F.A.I.T.H. is an acronym for "Food Always in the Home". The program is supported by Fenway, its Philippine joint venture partners, the D.A. (Department of Agriculture), the PCSD (Palawan Council for Sustainable Development), the DENR (Department of Environmental and Natural Resources), LGU's (Local Government Units) and NGO's (Non-Government Organizations).
A four-year URAP ,meaning "hunger period", has stalked the upland communities - both indigenous and migrant - arising from the combined forces of a three-year El Niņo and two years of La Niņa. These natural disastrous events brought torrential rains, an outbreak of rat rice, black bug and mealy bugs as well as June beetle infestations and forest fires. This deadly combination brought about the URAP.
The F.A.I.T.H. Food Program will include all the needy families within the host and adjoining communities relative to the quarry and cement plant site in the Municipalities of Espaņola and Quezon. The food program will be complemented by other social services in health, education and rural enterprise development in the same areas.
Until the long-awaited operating permits, the MPSA (the Mineral Production Sharing Agreement) and the ECC (Environmental Compliance Certificate) have been received, Fenway will contribute personnel time and effort to assist in the organization of this desperately needed food program. After receipt of the MPSA and ECC, the Company will contribute cash and administrative personnel directly to the Program. Fenway finds it encouraging that Palawan NGO's, in the face of overwhelming Project support from the host and local communities, especially those working in the quarry area, have generally warmed up to the Palawan Cement Project. In fact, some have indicated willingness to work with the PCP. PCP-initiated and supported social development projects are proving to be the common ground to work harmoniously with the NGO's.
Cement Plant engineering, then construction, will commence almost immediately on receipt of the MPSA and ECC. The Project will employ some 2500 people during construction and approximately 700 people in operation. The multiplier effect of having the PCP as the core industry in the Municipalities of Sofronio Espaņola and Quezon Palawan is expected to cause regional employment for up to 10,000 people, the majority of whom will be local citizens. To ensure that the labour force is functional, especially in the minesite area, the prospective employees and their families must be made comfortable above their existing level of starvation - thus Doctors Fernandez' and Rara's vision in the F.A.I.T.H. program. Employment, income generation, and food security are the bottomline in the PCP's commitment to enhance the social services of the host and neighbouring communities in the mine and plant site areas.
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.
|
