VANCOUVER, BRITISH COLUMBIA / TheNewswire / November 17, 2015 – Crownia Holdings Ltd. (TSX-V: CNH) (“Crownia” or the “Company”) is pleased to announce that its subsidiary, Jinsili International Steel Holdings Co., Ltd. (“Jinsili”) has successfully won two tenders and entered into two letters of intent (“LOIs”) with two companies owned by the Bangladesh Ministry of Defence, representing total contract size of approximately US$1,000,000 (CAD$1.3 million).
The first LOI was signed with Dockyard & Engineering Works Ltd. (“DEW”). Pursuant to this DEW LOI, Crownia is to deliver 480 metric tonnes of MS angle, MS Tee Girder and MS Bulb bar steel products for a total purchase price of US$223,900 at an average price of US$466 per metric tonne. DEW is one of the oldest dockyard/shipyards in the Indian subcontinent and possesses a long history of ship building and repair work. It was established in 1926 on the eastern bank of river Shitalakkha, in the city of Narayanganj, approximately 32 km from the capital city of Dhaka. DEW has been owned by the Ministry of Defence and operated by the Bangladesh Navy since 2006.
The second LOI was signed with Khulna Shipyard Limited (“Khulna”). The Khulna LOI calls for a total purchase price of US$751,100 with an average price of US$370 per metric tonne for a total of 1,850 metric tonnes of MS steel plate products. Khulna is an independent government-owned commercial enterprise controlled by the Ministry of Defense and operated by the Bangladesh Navy. Khulna, with over five decades of industry experience, has been a leader in the Bangladesh Shipbuilding industry and has built a wide range of vessels conforming to international specifications and regulations.
“We are pleased to sign these two LOIs with DEW and Khulna,” commented Herrick Lau, CEO of Crownia. “These LOIs demonstrate our commitment to cultivate new business opportunities in Bangladesh, following our successful sales activities in this country in the past fiscal year. Both DEW and Khulna are owned by the Bangladesh government which is committed to expanding its shipbuilding industry. Crownia plans to develop Bangladesh as a key/strategic market for our products in the future.” (See news release dated October 29, 2015.)
About Crownia Holdings Ltd.
As a specialty steel trading company, Crownia provides value-add through identifying suitable suppliers for products that best suit customer needs, establishing distribution centers in optimal locations, and providing superior sales and after-sale services to customers. For more information, please contact Gilbert Chan at (604)488-8878 or email firstname.lastname@example.org.
On behalf of the Board of Directors,
Crownia Holdings Ltd.
This press release may contain “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein may be forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans” “expects” or “does not expect”, “proposed”, “is expected”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information in respect of the Company reflects the Company’s as the case may be, current beliefs and is based on information currently available to the Company and on assumptions the Company as the case may be, believes are reasonable.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release represent the expectations of the Company as of the date of this press release and, accordingly, are subject to change after such date. However, the Company expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES