DATE: March 3, 1999
Trading Symbol: IHI (VSE) IHITF (IHITF.OB for Yahoo) (OTCBB)
Three Joint Ventures to be Established in France and Canada
France Canada The business ventures will involve the application in the above territories of the building technology licensed to IHI-International and the Company. Excluding the wholly-owned factory in Vancouver, this brings the total number of Joint Venture factories to be established worldwide to 29. 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.
International Hi-Tech Industries Inc. (the Company) is pleased to announce that on February 27, 1999 its majority-owned subsidiary, IHI International Holdings Ltd. ("IHI-International") established a Joint Venture for France. Hi-Tech France Development Corp. will contribute U.S. $10 million for a 49% interest in the first of three factories for the region. An irrevocable down payment of U.S $100,000 on account of the first license fee of U.S. $1,000,000 has been paid. In addition, Hi-Tech France Development Corp. will pay to IHI-International the remainder of the first license fee by March 31, 2000. "The first factory in France will serve the Northwest Region, including the Ile-de-France, Nord-Pas-de Calais, Basse-Normandie, Haute-Normandie and Picardie. The factory is expected to be operational by the end of 2000," said Mr. Rached. "Two additional factories will serve the Southeast and Southwest Regions."
On February 28, 1999 the Company established two further Joint Ventures with Hi-Tech Canada Development Corp. (HCD). One will cover the Prairie Region of Canada and the other will cover the Atlantic Region of Canada. HCD will contribute U.S. $10 million per factory for a 49% interest each of two factories for the region. An irrevocable down payment of CDN $300,000 on account of a license fee of U.S. $2,000,000 has been paid. In addition, HCD will pay to the Company the remainder of the first license fee by December 31, 2000 with the first factory expected to be operational by the end of 2001, and the remainder of the second license fee by December 31, 2001 with the second factory expected to be operational by the end of 2002. "We are very pleased to be expanding our partnership for Canada with HCD, our Ontario Joint Venture Partners and significant shareholders," said Mr. Rached.
"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.