December 19, 2000
Rolls-Royce Engineering Signs Power Agreement
Newport Beach, CA - December 19, 2000 - Fenway International Inc. is pleased to announce it has signed a Memorandum of Agreement (MOA) dated December 18, 2000 with Rolls-Royce Power Engineering Plc of Bedford, England.
The MOA requires Fenway to provide the land on which Rolls-Royce Power will finance, construct, operate and maintain an electricity generating facility adjacent to Fenway's cement plant site on a turn-key build-operate-own basis. The operation of the power plant will be subject to terms of agreement in a Power Purchase Contract. The contract will provide Fenway with stable power rates at preferred prices. Low cost electricity is important to the success of the project as power is a significant component of the cost of producing cement.
The signing of this MOA coincides with the expected receipt of the required Mineral Production Sharing Agreements and, shortly thereafter, the Environmental Compliance Certificate. In addition, The Power Purchase Agreement contributes a value of approximately US$60 million to the projected overall Project financing of US$380 million.
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 one of the largest portland cement suppliers in the entire southeast Asian region.
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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