December 21, 2000
Season's Greetings To Fenway Shareholders
Newport Beach, CA - December 21, 2000 - As politics, finance and construction contracts dominate Fenway management's time in pursuit of the Palawan Cement Project (PCP) development, the Company is also vitally concerned about local social issues. Simply put, Fenway is working in an area which once embraced great natural and cultural wealth; today the land and its people are desperately impoverished. Fenway focuses its social programs on the local community as a whole, including indigenous people, and without prejudice toward personal religious preference.
Company Director Dr. Carlos Fernandez often quotes tribal Elders and Chieftains as saying, "This is the worst starvation we have known for more than 50 years!" In a recent memo to the Company Anthropological Consultant Dr. Amy Rara in her opening paragraph states:
"What is a healthy tree for if the people are starving?" laments National Commission on Indigenous Peoples (Region IV) Director Velma Chollipas when faced with dissenting voices from environmentalists professing to be protectors of Palawan's once vast forest cover.
Thanks to Fenway shareholders and investors and the special efforts of Drs. Fernandez and Rara we have in the past aided the I.P.'s with rice for food and for seed, vegetable seeds and cuttings, fertilizer, insecticide, spray tanks and hand tools. We think Fenway shareholders can be proud of our effort yet it is sadly much too little. Fenway has been hampered in contributing more to community social programs because the Company's Philippine registered operating company and partners have not yet been issued the required operating permits. The previous administrations' Philippine Department of Environment and Natural Resources (DENR) and its various relevant Bureaus were greatly influenced by environmentalists whom, we think, improperly delayed the issuance of the Mineral Production Sharing Agreement (MPSA) and the Environmental Compliance Certificate (ECC). The current DENR administration and other Government agencies, such as the National Commission on Indigenous Peoples (NCIP), have caused Fenway and its Philippine partners to exhaustively study environmental, economic and technical factors related to the Project MPSA and ECC applications and obtain written approval from their regional agencies. All Region IV agencies have recently submitted approval for construction of the Palawan Cement Project to the DENR. Fenway commends the current DENR, its related agencies and the NCIP for their professionalism. As expected, Fenway management has pursued Project financing, engineering-construction contracts and product sales in anticipation of a construction start early in 2001. Arrangements for all aspects of Project development have been made as exemplified by the recent Rolls-Royce Engineering Plc. electricity supply Memorandum of Agreement. Upon receipt of the MPSA's and ECC, other arranged contracts regarding finance, engineering and construction will be completed.
The Palawan Cement Project will employ some 2500 people during construction and approximately 700 permanent workers when in production. Because there is no other core industry in the region it is expected some 7000 to 10000 additional jobs will be created in the communities influenced by the PCP when operation begins in 2003. Living standards are expected to improve accordingly.
Within a few months Fenway will open a community relations office with a staff of professionals and volunteers drawn initially from Philippine and Canadian people with professional standing in management, health care, education, agricultural and engineering. This office will maintain a Company magazine to document Company progress, community activities and especially Indigenous Peoples' well being. Any community based or charitable organizations wishing to contribute to the benefit of Palawan Indigenous People or to regional community development are encouraged to communicate with Fenway International Inc. at any of our offices.
Fenway management thanks its shareholders and investors for the support and money you have provided to an investment that we expect will be both financially and morally rewarding.
Fenway management offers its best wishes for the holiday season to all and especially to its loyal and competent staff, its shareholders and investors and its Philippine partners who have been very supportive.
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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