PVAXX Ltd., a Bermuda based industrial materials corporation (the “Company” and/or “PVAXX”), has today announced today that it has closed a $25-million dollar financing facility with Merrill Lynch, PCG (New York, New York,) that will primarily be used for the completion of the Company’s newly acquired AED36 million, 100,000 sq foot “flagship” corporate headquarters, training and pilot manufacturing facility located in Jebel Ali Free Zone (JAFZ), UAE, which will commence operations during the first quarter of 2006.
PVAXX also announced that it will continue its planning and roll-out of additional pallet manufacturing facilities scheduled to come online in Jebel Ali in the UAE, Sohar in the Sultanate of Oman, Hidd in the Kingdom of Bahrain and Corpus Christi, Texas, USA towards the latter stages of 2006 and beginning of 2007.
Meanwhile, the Company will continue to benefit from its Joint Venture with GAC Group, Dubai, UAE (www.gacworld.com), in the areas of developing, implementing and managing supply chain solutions in respect of the logistics requirements for the various PVAXX manufacturing facilities.
John O’Doherty, Chairman of the Company has advised “We are delighted to have received this financing facility from Merrill Lynch which provides the final critical component of our business model to ensure that our “flagship” facility will be capable of coming online in a timely fashion that will allow for us to commence delivering pallets to our customers throughout the world.”
PVAXX is pleased to further announce that:
• Persico Spa has been contracted to design the state of the art rotational moulding machines for the Company;
• Serco (Middle East) will provide PVAXX with project review and facility management expertise; and
• Saudi Consulting Services subsidiary INMA Bahrain is increasing their investment in PVAXX to facilitate the Company’s roll-out schedule by providing Lump Sum Turnkey facilities as required by the Company.
Upon completion of the financing, the Company has also formally requested that the voluntary suspension of trading in its shares on the Bermuda Stock Exchange (BSX) be lifted with a view toward a recommencement of trading on Friday, October 28, 2005.
This press release may include forward-looking statements about the Company’s revenues and earnings and future plans and objectives. Any such statements are subject to risks and uncertainties that could cause the actual results to vary materially.
