DATE: January 20, 2000
Trading Symbol: IHI (VSE) IHITF (IHITF.OB for Yahoo) (OTCBB)
CANADIAN PATENTS ISSUED, THIRD QUARTER RESULTS AND CORPORATE PROGRESS REPORT
Canadian Patents Issued and Other Patent Announcements
The President of International Hi-Tech Industries, Inc. ("the Company"), Mr. Roger A. Rached, is extremely pleased to announce that Canada has issued two patents for the Company's new building system technology: Patent No. 2,176,481 and Patent No. 2,257,661. Patent No. 1561 has also been issued by Mongolia.
The Company holds the license for the Canadian rights to the technology, and international rights to the technology through its subsidiary, IHI-International Holdings Ltd.
Another Patent has also been allowed for Poland.
Third Quarter Results - Assets Increased by 25%
The President is very pleased to report that the Company has continued to demonstrate the attractiveness of its Technology and its expert-oriented business. Revenue from licensing activities was $1,187,820 for the first nine months of fiscal 1999. The Company also generated $3,611,601 from its financing activities during this period. The Company continued to expand its base of strategic joint venture partners worldwide, ending the third quarter of the fiscal year with 23 interim agreements that call for the establishment of up to 30 Hi-Tech Factories.
Management is committed to enhancing the financial return on the Company's $22.5 million of assets (as compared to $18.8 million for September 30, 1998), primarily by investing in its manufacturing facility ("the Facility") located in Delta, British Columbia and by securing its international patents.
General expenses, insurance, promotion and presentation, travel and business promotion and repair and maintenance costs have increased as the Company moves towards commercial production and therefore the Company had a net loss of $1,543,354 for the nine months ended September 30, 1999, as compared to a net loss of $993,174 for the nine months ended September 30, 1998.
Update on Robotic System for Manufacturing Facility
All robotic systems for the Delta, British Columbia manufacturing facility have been identified and negotiations are in progress with the world's largest suppliers of these systems. Sample panels provided to the manufacturers have been studied and tested at their international facilities and, "They are confirming our output production calculations," acknowledges Mr. Rached. "We are close on price, and at least one company has confirmed that they will be able to deliver their systems within our targeted six month timeframe once an order has been signed."
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
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