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PONTUS INDUSTRIES ACQUIRES TIMBER AND COAL INTERESTS IN RUSSIA

 NEW YORK, June 3 /PRNewswire/ -- Pontus Industries, Inc. today announced the acquisition of 40 percent of the outstanding shares of Ust Ilimsk Ugol, a Russian privately held coal mining company headquartered in Ust Ilimsk, Irkutsk Oblast, Siberia. Ust Ilimsk ("UIU") is a recently formed Russian company which won a tender to mine 37 million tons of coal in Ust Ilimsk. UIU has contractual arrangements with a local road building company (AM No. 7) which has the equipment and personnel to start surface mining within two to three months. Pontus has executed an exclusive marketing contract for all the exported coal. Export operations are expected to commence in early 1994.
 Pontus has today also announced the acquisition of 20 percent of the outstanding shares of A.O LPU ("LPU"), a Russian integrated wood products company headquartered in Bratsk, Irkutsk Oblast, Siberia. LPU employs about 2,450 workers and has five operations in Irkutsk Oblast. LPU, at present, has cutting rights (within an allocated reserve) of about 60 million cubic meters of wood. Pontus has executed an agreement for exclusive marketing of wood products for export.
 Pontus currently has other wood processing assets in Siberia and is engaged in start-up operations.
 -0- 6/3/93
 /CONTACT: Jacob Sternberg of Phillips, Nizer, Benjamin, Krim & Ballon, 212-977-9700, for Pontus Industries, Inc./


CO: Pontus Industries, Inc. ST: New York IN: PAP SU: TNM

SM-OS -- NY066 -- 5017 06/03/93 13:09 EDT
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Publication:PR Newswire
Date:Jun 3, 1993
Words:237
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