Minaean Announces First Quarter Financial Results
September 2, 2008
Vancouver, B.C. – 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 first quarter ended June 30, 2008.
Highlights for Q1 2009
- Record revenues for the three months ended June 30, 2008 of $1,352,210 as compared to $792,723 for the three months ended June 30, 2007, representing a 71% increase.
- Net earnings of $101,857 for the first quarter in 2008 as compared to a net loss of $88,957 for the first quarter in 2007.
- Completed private placement financing of 3,568,545 units at a price of $0.275 per unit for gross proceeds of $981,350
- Minaean engaged First Canadian Capital Corp. for investor relation services.
- Launched its newly developed "Artisan Composite System" through its subsidiary in India.
Operations in India:
- Contracted by Bharat Petroleum Corporation Limited to construct 452 sq ft retail outlet building for its existing gas stations in Bangalore which is undergoing remodeling and refurbishing.
Bus Queue Shelters:
- Awarded a contract for the fabrication and installation of 100 units of its ultra modern steel Bus Queue Shelters in Mumbai, India, by a well-known advertising and media company for the Mumbai Transit Authority.
- Awarded a contract for the supply of 100 Bus Queue Shelters in Bangalore, India by the Bangalore Public Transport Authorities
- Awarded a contract by the Mumbai Transit Authority for the installation of light boxes on 100 bus queue shelters.
Operations in North America:
- Signed a Letter of Intent with British Columbia property development giants Adera Properties of the Adera Group of Companies for the supply and installation of wall panels for its 85,230 sq. ft. condominium project in Vancouver, British Columbia, Canada.
- Received a purchase order from Kerosiotis Developments for the supply and installation of wall panels 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.
Summary of Results
For the period ended June 30, 2008, the Company recorded net income of $101,857 or $0.00 per share as compared to a loss of $88,957 or $0.00 per share for the period ended June 30, 2007, an increase in income by $190,814.
Total sales for the period ended June 30, 2008 were $1,352,210 compared to $792,723 for the period ended June 30, 2007, an increase in sales by $559,487 or 71%. Majority of the sales were derived from the construction of bus queue shelters, and ATM units located in Central and Western Railway Stations in Mumbai, India. Sales were also derived from the beginning construction phases of Sunrose Condominium, a four storey complex superstructure located in Portland, Oregon, USA.
"Minaean’s transition from a negative to a positive territory and the net profit declared in this quarterly statement justifies the optimistic growth the Company has announced starting in this current financial year. " says Mervyn Pinto, President & CEO of the Company. "The commitment to the investors of the Company being able to achieve its breakeven by December 2008 has been surpassed by 6 months and expects to maintain the momentum as we move ahead ". Though the recession worldwide is hurting the growth sectors, Minaean’s involvement in street furniture and modular buildings are the key elements to its success."
Minaean International Corp., manufactures rapid, efficient building systems using light-gauge steel. Minaean's Vesta Quik-BuildTM, Artisan Quik-BuildTM construction kits are available for houses and buildings of up to four stories.
The newly launched "modular buildings" designed, engineered and prefabricated in the factory environment, capable of being assembled and delivered within 7 days are an addition to the Company’s 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 "
Mervyn Pinto, President & Director
"The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release."
For further information please contact:
Bob Mullins or Jason Monaco
First Canadian Capital Corp.
Bank of Montreal Building
155 Rexdale Blvd., Suite 502
Toronto, Ontario, Canada
Toll Free: 1.866.580.8891