Minaean Awarded Contract Valued at
$1.60 Million for Bus Queue Shelters in Mumbai, India
Vancouver, British Columbia CANADA, August 30, 2010 /FSC/ - Minaean
International Corp. (TSX - VX: MIB, FWB: NJA, BSE: NJA), is pleased
to announce that its Indian subsidiary, "Minaean Habitat (India)
Pvt. Ltd.("MHI"), has been awarded a contract valued at CDN $1.60
million by one of India's largest Out of Home Media companies for
the production and installation of 200 bus queue shelters. The bus
queue shelters are of an ultra modern stainless steel design duly
approved by BEST - the transport authority in Mumbai - and will be
fabricated in Minaean's Mumbai plant. With a completion target of
120 days, MHI has commenced the execution plans and is confident of
meeting the timing requirements.
The contract, which has been under negotiation for a few months,
comes at a time when MHI has successfully completed the execution of
its 3 storey 28,000 sq feet hospital library and hostel building
using its Light Gauge Steel construction system within a period of
100 days at Valsad, Gujarat.
In Mumbai alone, there are about 1,800 additional bus queue shelters
that need to be constructed. With the successful execution of this
initial order, the potential to receive further larger orders is
high. Bangalore, Chennai and Hyderabad, India's IT hubs, are three
of the many cities undergoing an upgrade - MHI has made an entry in
to these cities by construction of prototypes and anticipates being
awarded contracts in due course.
Mumbai is the commercial and financial capital of India, generating
about 5% of India's GDP and contributing over one third of the
country's tax revenues. Rapid urbanization and industrialization
over the last three decades has led to the city's present population
of over 17 million. This generates more than 10 million daily
passenger trips via public transport - bus and railway. The
escalating demand for public transport, combined with increasing
constraints on capacity, has resulted in unmanageable conditions
during peak hours. In order to keep up with the increasing demand
for this product line, MHI has a separate division to manufacture
and supply bus queue shelters in its Mumbai plant.
Hari Varshney, Chairman of Minaean, commented, "This is the largest
single order we have received since the contract from Shell
Petroleum in 2007 for production and installation of retail shop
buildings. This may be a turning point may have arrived for Minaean.
With India's annual GDP growth now surpassing 8%, new opportunities
will continue to contribute to MHI's growth."
About Minaean
Minaean International Corp., is an innovator of rapid, efficient
building systems using cold formed steel technologies. Currently,
Minaean has four systems: the 'Vesta Quik-Build' (patent under
process), 'Artisan Quik-Build', 'Modular Quik-Build' and 'Artisan
Composite System'.
Minaean provides an all encompassing in-house design, engineering,
prefabrication, supply and installation of modular buildings and
light gauge steel load bearing wall panels with flooring systems
capable of being assembled, delivered and installed within 7 to 10
days. 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) is
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
Suite 1304-925 West Georgia St.
Vancouver, BC Canada V6C 3L2
Phone (604) 684-2181
Fax (604) 682-4768
E-mail: investors@minaean.com
website: www.minaean.com
Source: Minaean International Corp. (MIB - TSX-V)
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