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       CA60250R1010

MINAEAN INTERNATIONAL CO.

End-of-day quote Deutsche Boerse AG  -  09:16 2022-11-30 am EST
- EUR    0.00%
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MINAEAN INTL : Affordable Housing Project, Ministry of Housing, Ghana ľ Minaean Signs a Memorandum of Understanding with IVRCL, India, and has the Company approved for Contract Execution

11/21/2013 | 02:40pm EST

Vancouver, BC, Canada - November 21st, 2013 - Minaean International Corp. (TSX-V: MIB; Berlin and Frankfurt Stock Exchanges: NJA) ("Minaean" or the "Company"), a Canadian-based developer of alternative building technologies using light-gauge steel, is pleased to announce that it has, based on a request from the Ministry of Housing, Ghana, for submission of proposals and offers for construction of Affordable Housing Projects in Ghana, signed a Memorandum of Understanding (MOU) with "IVRCL Ltd." of Hyderabad, India. This MOU has been finalized and signed upon having received from the Ministry of Housing, Ghana, the approval of IVRCL as contractors and Minaean as IVRCL's sub-contractors / contract managers.   

Pursuant to the signing of the MOU and upon acceptance of IVRCL's credentials as a contractor for construction of 5,000 units, Minaean and IVRCL met with officials of the Ministry of Housing in Accra, Ghana, during the 2nd week of October 2013 for submission of concept designs and discussions on land allocation, inspection, finalization of plans and designs. IVRCL has now been requested to submit the commercial and technical proposals. Minaean will carry out a Detail Project Study ("DPR") and assist IVRCL in conducting the cost analysis for submission to the Ministry.  As per the requirement of the Ministry of Housing, the DPR will be prepared based on the construction of four storey apartment buildings comprising of two bedroom and three bedroom apartments in a ratio of 70% and 30%.

The focus of the Government of Ghana is to provide affordable housing to the masses with an efficient mortgage loan facility through Ghana Home Loans. The Government of Ghana has a target of constructing approximately 50,000 units during the next four years to maintain its election promises.  In this regard, the Government of Ghana has already awarded a contract for construction of 5,000 units to a Brazillian group and 4,120 units to an Italian group. H.E. President Mahama conducted the ribbon cutting ceremony on November 6th, 2013 inaugurating the commencement of the Brazilian contract.

Minaean has been working with Dessau Inc., a Montreal based company, in the negotiation of a contract for construction of staff housing at Tema General Hospital and another contract with Nanjing Construction Group of China for construction of 1,000 units for Staff Housing for Security Personnel.   

About IVRCL Inc.  

" IVRCL Ltd." is a multi faceted company head quartered in Hyderabad, India which commenced its commercial operations in 1990. Since then, the company has established itself as a premier EPC & LSTK Service Provider with front-end engineering capabilities. The company is one of the most successful ones in India executing BOT/BOOT/DBOOT projects since 2001. A leader in movement and treatment of Water in India, the company has built 25,000 kilometers of pipelines across the country, 2,300 kilometers of canals, constructed 5 million Sq Mtrs of buildings out of which 3 million Sq Mtrs in Mass Housing and built India's largest desalination plant in Chennai, which supplies drinking water to the citizens of this parched city to over 5 million people every day.

Since 2006, the company has acquired and successfully operated Hindustan Dorr-Oliver (HDO), a leading Indian Engineering, Procurement and Construction (EPC) Company.  Davy Markham is engaged in design, manufacture, fabrication and machining of heavy and complex engineering components and assemblies.  Alkor Petroo Ltd (Alkor) is a Hyderabad based subsidiary of IVRCL engaged in Oil & Gas Exploration & Production.

IVRCL has put in place stringent policies to create a safe and healthy environment at the project sites. The company's policy for Health, Safety & Environment has been consistent towards achieving a ZERO Loss Time Injury.

About Minaean

Minaean International Corp. specializes in design, engineering, production and installation of modular and prefabricated buildings using its light gauge steel construction system trade marked "Vesta Quik-BuildTM and Artisan Quik-BuildTM" . The Company operates through its two wholly owned subsidiaries, Minaean Habitat (India) Pvt. Ltd in India and Minaean Ghana Inc. in Ghana, Africa.  Through the expansion of its business model, Minaean has entered the African housing market, promoting the business of affordable housing projects in Ghana, Africa.

As pioneers in the Indian market, Minaean's success in supply of modular buildings, designed, engineered and prefabricated in the factory environment and capable of being assembled and delivered within 7 days, has been an addition to the Company's innovative construction technologies.  The application of the modular building concept has been expanded to produce and install Bus Queue Shelters, ATM Modular Buildings, Modular Toilets and Public Washrooms, office blocks and bunkhouses for campsites. The strong, affordable, ecologically sustainable structures present a promising solution to the mass housing shortages in developing countries and disaster-stricken areas, in addition to a range of conventional applications.

Through its "Artisan Quik-Build" system, Minaean has conducted engineering and constructed buildings up to 7 stories high in Oregon, USA.

Shares of Minaean International Corporation are publicly traded on the TSX Venture Exchange under the symbol "MIB" and on the Berlin and Frankfurt Stock Exchanges under the symbol "NJA".  For more information, please visit www.minaean.com.

On behalf of the Board of Directors
MINAEAN INTERNATIONAL CORP.

"Mervyn Pinto "
Mervyn Pinto, President & Director

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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