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Axia Building Technologies, Ltd., a Subsidiary of Axia Group, Inc., Signs $1.85 Million Agreement to Build New Homes in Sri Lanka for Families Displaced by Tsunami Wednesday February 8, 1:26 pm ET
SAN DIEGO, Feb. 8 /PRNewswire-FirstCall/ -- Axia Building Technologies, Inc., a wholly owned subsidiary of Axia Group, Inc. (OTC Bulletin Board: AXIGE - News), has announced that it has signed a joint venture agreement with MicroConstruction, Ltd., a Sri Lankan company to fulfill a $1.85 million contract to build 250 affordable homes in areas of Sri Lanka affected by the tsunami of 2004. The contract is with SOS Kinderdorf of Germany and involves building 250 single family homes on the eastern seaboard of Sri Lanka, one of the areas hardest hit by the tsunami. Axia is building the homes with a versatile panel technology that allows for fast and affordable construction as well as superior protection against wind, storms, mold and insects. ADVERTISEMENT
Axia was one of the first companies to receive permission to begin building permanent homes in areas of Sri Lanka that had been damaged by the tsunami. Government officials have indicated that as many as 200,000 homes need to be rebuilt in Sri Lanka alone. Traditional means of home building, such as cinder block and cement, take too long and do not offer improved protection against future storms. The Axia technology makes use of Styrofoam panels that are reinforced with a woven wire mesh that create strong and durable framework for almost any kind of construction. The result is a panel that is stronger and less expensive than traditional wood or steel construction and more flexible for use in different environments.
The typical home being constructed by Axia in Sri Lanka is approximately 600 square feet and can be completed in about 10 days. The price per home ranges from $8,000 to $12,000 per home. Axia uses local labor and has now trained many experienced engineers and technicians in how to build with this technology.
Axia has spent the last six months in Sri Lanka training teams of laborers in the use of the panel technology including student a local engineering and vocational school. "We are extremely impressed with how quickly the Sri Lankan people have mastered this technology," stated Raj Janan, President of Axia Building Technologies, Inc. "In a relatively short period of time, we have created a very efficient team of leaders who now oversee more than 100 laborers."
Raj Janan lives in New York but was born in Sri Lanka. "While one of our goals is to help people reconstruct their lives and to work with the NGOs to support these efforts, our technology is so cost effective and efficient that we can operate profitably," Raj Janan added. "This work is obviously important to me as this is my country, but what Axia is demonstrating is a new technique for building strong, fine quality homes throughout the world."
MicroConstruction, Axia's joint venture partner in Sri Lanka, is a subsidiary of MicroCars, Ltd., a Sri Lankan company. Axia Building Technologies, Ltd. was formed in order to provide the latest in building technologies to areas that were in need of affordable housing technologies that could provide support and protection against natural disasters such as hurricanes and storms.
Sri Lanka is located approximately 20 miles off the southeast coast of India. In 2004, a massive tsunami hit the coastal areas of Sri Lanka, Asia and Africa, creating massive damage and loss of lives. More than 175,000 people were killed and millions displaced in the region when their homes were destroyed by the tsunami. Sri Lanka was one of the hardest hit countries, with more than 31,000 people killed.
For more information on Axia Building Technologies, Ltd., please visit its website at www.axiagroup.info.
Investors are cautioned that certain statements contained in this document as well as some statements in periodic press releases and some oral statements of AXIG officials are "Forward-Looking Statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, which include words such as "believes," "anticipates," "intends," "plans," "expects," and similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future AXIG actions, which may be provided by management, are also forward-looking statements as defined by the Act. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance, or achievements expressed or implied by such forward-looking statements and to vary significantly from reporting period to reporting period. Although management believes that the assumptions made and expectations reflected in the forward-looking statements are reasonable, there is no assurance that the underlying assumptions will, in fact, prove to be correct or that actual future results will not be different from the expectations expressed in this report. These statements are not guarantees of future performance and AXIG has no specific intention to update these statements.
-------------------------------------------------------------------------------- Source: Axia Group, Inc.
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