Minaean Announces Record Revenues For Third Quarter
January 26, 2009
Vancouver, B.C. – January 26, 2009 – Minaean International Corp. (TSX Venture: MIB; Berlin and Frankfurt Stock Exchanges: NJA) (“Minaean” or the “Company”) is pleased to announce its financial results for the nine months ended December 31, 2008.
Highlights for nine month period ended December 31, 2008
- Record revenues for the nine months ended December 31, 2008 of $5,578,876 as compared to $3,374,055 for the nine months ended December 31, 2007, representing a 65% increase.
- Completed private placement financing of 3,568,545 units at a price of $0.275 per unit for gross proceeds of $981,350.
- Expanded its “Modular Buildings” division to meet the needs of “OOH” Media groups to fabricate and install Bus Queue Shelters all over India.
- Named the 21st fastest growing company in British Columbia by the Business in Vancouver (BIV) publication, BIV Top 100 List: Fastest Growing Companies, dated September 2-8, 2008.
- Expanded its operations in the city of Mumbai with the lease of a second manufacturing facility and a move to larger office premises.
Operations in India:
- Contracted by Bharat Petroleum Corporation Limited to construct a 452 sq. ft. retail outlet building for its existing gas station in Bangalore which is undergoing remodeling and refurbishing.
Bus Queue Shelters:
- Awarded a contract for the fabrication and installation of 200 units of its ultra modern steel Bus Queue Shelters in Mumbai, India, by two well-known advertising and media companies for the Mumbai Transit Authority.
- Awarded a contract for the supply of 100 ultra modern steel Bus Queue Shelters in Bangalore, India by the Bangalore Public Transport Authorities.
- Awarded a contract to fabricate and install 100 ultra modern steel Bus Queue Shelters in the state of Punjab, India, for a leading Mumbai based outdoor advertising agency.
- Received a purchase order for the supply and installation of 12 new ATM kiosks across India. The clients comprise some of the largest banking firms in the Indian market.
Operations in North America:
- Received a purchase order from Kerosiotis Developments for the supply and installation of “Artisan Quik-Build” structural wall panels and flooring system for its condominium project in Vancouver, British Columbia, Canada. The project, located on the crossroads of Waterloo Street and West Broadway in Vancouver, has been designed as a 4 storey residential and commercial development consisting of two 2,750 sq. ft. commercial units and 16 residential units ranging from approximately 620 sq. ft. to 1,050 sq. ft.
- Signed a contract with Yorke & Curtis, general contractors, for the supply and installation of “Artisan Quik-Build” structural wall panels and flooring system for its “Shaver Green” project, a 86,375 sq. ft., six storey affordable housing building in Portland, Oregon, USA. This development consists of five townhouse units, 80 apartment units, a community center and 32 parking stalls.
Summary of Results
For the period ended December 31, 2008, the Company recorded a net loss of $383,944 or $0.01 per share as compared to a net loss of $117,290 or $0.00 per share for the period ended December 31, 2007, an increase in loss by $266,654 about half of which was from non-cash item expenses. Due to the grant of stock options to directors, officers, employees and consultants during the nine months ended December 31, 2008, the Company incurred $158,850 in stock based compensation expense, a non-cash item. The comparative period incurred $6,178 in stock based compensation expense. Other non-cash items include amortization of $59,330 (2007 - $42,450) and accretion of convertible debentures of $ 21,393 (2007 - $Nil) resulting in to a real cash loss of $144,371 (2007 - $(68,662)). The Company also incurred approximately $55,000 (2007 - $Nil) in set up and moving expenses for the expansion of its production facility in India during the third quarter. In addition, a delay with contracts for 100 Bus Queue Shelters valued at $1.5 million and 12 ATM buildings valued at $140,000 contributed to the net loss incurred for the third quarter. These contracts will commence during the fourth quarter.
The Company’s Indian subsidiary, Minaean Habitat (India) Pvt. Ltd., had record revenues of $3,108,308 for the period ended December 31, 2008 compared to $976,175 for the same period in 2007, an increase of $2,132,133 or 318%, mainly as a result of the construction of Bus Queue Shelters and ATM units located in Central and Western Railway Stations in Mumbai, India. The Company experienced robust growth even though a lean forecast was expected during the monsoon season in India. The Company’s North American subsidiary, Minaean Building Structures Inc., also contributed $2,470,568 towards current revenues through the construction of Sunrose Condominium, a four storey complex superstructure located in Portland, Oregon, USA, and Shaver Green, a six storey affordable housing building also located in Portland, Oregon.
“While the global economic melt down is a major concern to many companies worldwide, the Indian Government’s focus to support infrastructure projects is anticipated to enable Minaean’s business in India to continue to grow,” said Mervyn Pinto, President & CEO of the Company. “India’s GDP which was expected to grow at 9% during the next fiscal year has now been reduced to 7% however Minaean’s involvement in infrastructure projects should bring in consistent growth for the Company. Minaean’s expansion from Bus Queue Shelters to Pedestrian Cross-Over Bridges, where the Company has submitted a number of bids, is set to take the Company to its next level of growth. In addition, Export Development Canada’s involvement in mobilizing working capital facilities to this financially turbulent region has been a major support to the Company in securing larger contracts.”
Minaean International Corp., manufactures rapid, efficient building systems using light-gauge steel. Minaean's Vesta Quik-BuildTM, Artisan Quik-BuildTM construction systems are available for houses and buildings of up to eight stories. The launching of “modular buildings and structures” designed, engineered and prefabricated in the factory environment, capable of being assembled and delivered within the shortest period has proved the Company’s pioneering capabilities in innovative construction technologies. 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.
Shares of Minaean International Corporation (parent company) 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 ”
President & Director
"The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release."