Axia Group Inc. is Awarded New Commercial Housing Project in Sri Lanka PR Newswire - February 21, 2006 13:19
SAN DIEGO, Feb 21, 2006 /PRNewswire-FirstCall via COMTEX/ -- Axia Group, Inc. (OTC Bulletin Board: AXIGE), announced today the award of it first commercial contract for new housing in Sri Lanka. The Company has received a contract for 15 new homes from Noble Wear Pvt. Ltd., a clothing manufacturing company owned by Mr. Sidhath Wettamuni, one of the most famous Cricketeers in Sri Lankan history. The total project is worth about $150,000 and is being completed in conjunction with Axia's Sri Lanka joint venture partner, MicroConstruction, Ltd.
"While small in scope, this new project is an important milestone for Axia as it is our first venture beyond the disaster relief agencies and into the commercial arena," stated Jeffrey Flannery, CEO of Axia Group, Inc. "Our work in the tsunami affected areas has demonstrated the strength and attractiveness of this technology. Now we are gaining interest from commercial and other builders for a number of applications. The support of Mr. Wettamuni is also a great step forward for our company and offers strong recognition for our efforts."
The Project is being executed in the town of Koggala in the Galle District on the southwestern seaboard of Sri Lanka. These fifteen new homes are being built for Nobel Wear workers whose houses were destroyed by the tsunami in 2004. As with previous projects the Company has completed, Axia will train local workers in the deployment of this panel technology and the finishing techniques. Axia estimates that the homes will be completed by April 2006.
Added Flannery, "This is just the first we hope for many commercial contracts in Sri Lanka and surrounding countries. Our technology is ideal for many applications from residential homes to buildings for manufacturing, warehousing and storage. A major focus of the Company will be to gain entry into more commercial areas."
Mr. Sidhath Wettamuni, legend Cricketer who has brought glory to Sri Lanka, and one of the referees appointed by the ICC. He was also instrumental in bringing Sri Lankan Cricket to highest internationally recognized position what Sri Lanka enjoys today, by obtaining test status.
Axia provides a panel based housing technology that provides a fast, cost effective method for single family homes and commercial buildings. The Company has been a major participant in the tsunami relief effort in Sri Lanka and to date has been contracted to build more than 250 homes in the region.
MicroConstruction Ltd., is a division of MicoCars, Ltd., a Sri Lankan company that manufactures automobiles, vans and light trucks. More information on MicroCars can be found at www.microcars.lk.
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.
-------------------- Raptor----Don't confuse bad luck with bad judgement Posts: 1813 | From: Ft. Worth Texas | Registered: Aug 2004
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