DATE: November 23, 1998
Trading Symbol: IHI (VSE) OTCBB IHITF (IHITF.OB for Yahoo)
Further U.S. Joint Ventures Announced Mr. Roger A. Rached, President of INTERNATIONAL HI-TECH INDUSTRIES INC.
(the "Company") is very pleased to announce that the Company's majority-owned
subsidiary, IHI International Holdings Ltd. ("IHI-International") has entered
into two additional joint ventures for the United States with HAD 2000 Corp. The territories cover the States of Alabama and Tennessee. HAD 2000 Corp.
will contribute U.S. $10 million for a 49% interest in each of the factories
in the above-mentioned states. An additional irrevocable down payment of U.S
$200,000 on account of a license fee of U.S. $2,500,000 covering the above two
states has been paid. In addition, HAD 2000 Corp. will pay to IHI-International
the remainder of the license fee for Tennessee by March 31, 1999 and the remainder
of the license fee for Alabama by October 31, 1999. The business venture will involve the application in the above territories of the
building technology licensed to IHI-International. "This brings the total number
of joint venture factories to be established in the U.S. to thirteen, and the number
of joint venture factories to be established worldwide to twenty-two," said Mr. Rached.
"A significant amount of the commercial production from our factory in Delta, Canada
will be dedicated to the production of panels for our joint venture factories." Through IHI-International, the Company will continue to develop international strategic
alliances in order to generate revenue and to market the Company's products on a
worldwide basis. International Hi-Tech Industries Inc. is a company whose principal business is the development and commercialization of a new building system in Canada, and internationally through its subsidiary, IHI International Holdings Ltd.
ON BEHALF OF THE BOARD OF DIRECTORS
THE VANCOUVER STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
"ROGER A. RACHED"
ROGER A. RACHED, PRESIDENT
The company's head office: phone (604) 733-5400
Or USA call 1-800-838-8090
E-Mail: info@ihiintl.com
THIS ANNOUNCEMENT IS UNDER NO CIRCUMSTANCES TO BE CONSTRUED AS AN
OFFER TO SELL OR AS A SOLICITATION OF AN OFFER TO BUY ANY OF THESE
SECURITIES. THE OFFERING IS MADE ONLY BY THE PROSPECTUS.
COPIES OF THE PROSPECTUS MAY BE OBTAINED IN ANY STATE OR JURISDICTION
IN WHICH THIS ANNOUNCEMENT IS CIRCULATED FROM ONLY SUCH OF THE AFOREMENTIONED
UNDERWRITERS OR OTHER DEALERS OR BROKERS AS MAY LAWFULLY OFFER THESE
SECURITIES IN SUCH STATE OR JURISDICTION.