CORDEX Petroleums Announces Letter of Intent with Chilgener S.A. to Build a Marine Fuel and Asphalt Facility in Chile.NEW YORK--(BUSINESS WIRE)--May 16, 1997--CORDEX Petroleums Inc. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : CZX.A) yesterday announced its acceptance of a proposed Letter of Intent by Chilgener S.A. (Santiago Stock Exchange The Santiago Stock Exchange (Bolsa de Comercio de Santiago, SSE), founded in November 27, 1893, is Chile's dominant stock exchange. Operations and Indices The exchange trades in stocks, bonds, investment funds, stock options, futures, gold and silver coins minted by the Banco and NYSE NYSE See: New York Stock Exchange : CHR CHR canine hypoxic rhabdomyolysis. ) to fund the construction of the Petroleos y Asfaltos CORDEX Limitada Bunker Fuel and Asphalt Terminal in Puerto Ventanas, Chile. Chilgener plans to finance up to 90 percent of the $34,000,000 project, with CORDEX contributing a minimum of 10 percent. The final percentages are to be issued within the next few weeks. As the sole marine fuel and asphalt facility on Chile's coast, it is expected to become the principal fuel and asphalt handling terminal for the entire west coast of Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. . The facility will accommodate Chile's burgeoning shipping and international trade in addition to supplying asphalt for its highways and roads. At March 31, 1997, Harris & Harris Group valued its two percent fully diluted ownership interest in CORDEX Petroleums at U.S. $324,156 or a price in Canadian dollars of $.13 per share (which figure included a discount by Harris & Harris Group of 15 percent for the illiquidity of the market for CORDEX shares at that time). Harris & Harris Group's cost basis in CORDEX is U.S. $390,399. CORDEX closed yesterday on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. at CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $0.14. Harris & Harris Group is a Business Development Company with 10,442,682 common shares issued and outstanding. Detailed information about Harris & Harris Group can be found on its World Wide Web site on the Internet at www.hhgp.com. -0- This press release may contain statements of a forward-looking nature relating to future events. Shareholders are cautioned that such statement are predictions and that actual events or results may differ significantly. CONTACT: Harris & Harris Group, Inc. Mel P. Melsheimer, 212/332-3614 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion