Axia Group Inc. Reports on Progress in Southeast Asia
SAN DIEGO, Oct. 17 /PRNewswire-FirstCall/ -- Axia Group, Inc. (OTC Pinksheets: AXGJ) released today a progress report on its business activities in Sri Lanka. The following statement was provided by Jeffrey Flannery, CEO of axia Group, Inc.:
'We just completed a trip to Sri Lanka and are pleased to report that we have made good progress on a number of fronts. First of all, we completed the agreement to acquire MicroConstruction, a company in Sri Lanka that has been building with our panel based technology. This acquisition gives us a solid operational base in Southeast Asia, a region that has a huge need for our technology as they rebuild their cities and towns.
We have now completed 140 homes of the 250 homes we are contracted to build for the Austrian nongovernmental agency, SOS Kinderdorf, in the tsunami affected area of Batticaloa. To date, we have received payments totaling more than $1 million on this project and are presently scheduled to complete this $1.8 million project in the first quarter of 2007. The conflict in the area has slowed our efforts but our team has indeed persevered! The homes look beautiful and have been extremely well accepted by the owners and the government.
We recently completed the 19 home project in Galle, a city in southern Sri Lanka. This project represented about $80,000 in revenue and was very successful. We have not pursued any new projects for tsunami homes as government plans for these projects have changed and we are awaiting information on how we can further participate. Financials reflecting the company's activities up to the end of September 2006 are being prepared and I hope to release those publicly soon.
In terms of new business, we have signed a contract with REEL, a government organization dedicated to new housing projects in Sri Lanka, a project which represents our foray into the commercial home building industry. We are currently completing a $50,000 two story twenty unit building as a fully paid pilot study. Once the project meets their inspection, REEL has hundreds of units that need to be built. REEL's interest in Axia stems from the fact that our technology cuts time to completion by almost 50% and so facilitates bank financing and allows people to take possession of these new homes sooner.
We have also signed a new contract for a small project in India, our first in this vast country. This pilot will have us building a model home for an Indian company that has plans to build hundreds of low income homes in that country. Several other projects are pending approval, but the good news is that our efforts to gain acceptance for the panel technology is now beginning to bear fruit. We have passed many tests with the Sri Lankan and Indian people and look forward to growing our business there.
Finally, we have now ventured into China as well. We spent an exciting two weeks in China meeting with various government and industry officials. We expect to enter into serious discussions about specific projects in China in the very near future. We also spent time looking at materials and equipment that could be used to improve efficiency at our work sites.
Additional information on these and other activities will be made public in the days to come. Please look to our web site for more up-to-date company and investor information.'
Investors are cautioned that certain statements contained in this document as well as some statements in periodic press releases and some oral statements of AXGJ 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 AXGJ 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 AXGJ has no specific intention to update these statements.
SOURCE Axia Group, Inc.
Source: PR Newswire (October 17, 2006 - 8:01 AM EST)
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