Wulf International Announces Joint Venture for Low Cost Housing.
FORT WORTH, Texas--(BUSINESS WIRE)--Dec. 12, 2000
Wulf International Ltd. (OTCBB: WLFO) with headquarters in Fort Worth, Texas, announced that it has entered into a joint venture agreement with the Warisan Group Corporation, a native Filipino company, to build new homes for low-income families in the Republic of the Philippines. This joint venture is pursuant to the Urban Development and Housing Act of 1992 passed by the Philippines' Congress. Low-income housing is the Government's highest priority project with an estimated present need for 3.6 million new homes.
In a letter to the Flagship Executive Committee of the Office of the President, dated November 15, 2000, Wulf and Warisan committed to build 2 million new homes over the next ten years. Wulf is in discussions with international investment banking firms to arrange a $200 million bond issue to fund the project, and provide $15 billion in mortgage money over ten years to the buyers of the houses. Wulf's architects and engineers have designed homes (1) that will withstand earthquakes and typhoons, (2) that will be of varying design and environmentally compatible, and (3) that Filipino families will be proud to own. Small medical hospital-clinics, schools, and other infrastructure facilities will be built for every 500 new homes.
The first 1 million homes will be a joint venture project with the Southern Philippines Development Authority, a Government owned corporation. The final feasibility study will be completed in about 30 days. The Office of the President has endorsed the project, and an expedited final approval process is expected. This will be one of the largest humanitarian housing projects in the world and will employ about 100,000 Filipino professional, skilled, and unskilled workers.
Wulf International is a 27 year-old Colorado corporation that has operated successfully for many years in the United States before becoming involved in international projects. Wulf stock is traded publicly on the OTC Bulletin Board market under the symbol WLFO. Wulf is listed in Standard & Poor's and has about 7000 shareholders worldwide. Its Transfer Agent is WOC Stock Transfer Company. Wulf's web site is www.wulfint.com where more information on the Company can be obtained.
Forward-Looking Statements: Statements in this press release other than statements of historical fact, including statements regarding the company's plans, beliefs, and estimates are "forward looking statements". Such statements are subject to certain risks and uncertainties, including factors listed from time to time in the company's SEC filings, and actual results could differ materially from expected results. These forward-looking statements represent the company's judgment as of the date of this release.
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|Date:||Dec 12, 2000|
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