Printer Friendly

BEST RESOURCES IN JOINT VENTURE IN MOZAMBIQUE, COMMENCES LOBSTER FISHING AND EXPORTING OPERATION, LEASES $3 MILLION PROCESSING PLANT

 NEWARK, N.J., Sept. 2 /PRNewswire/ -- Best Resources Inc. (OTC Bulletin Board: BESN) announced today that its wholly owned subsidiary, Best Resources Mozambique Ltd., has signed a joint venture agreement with Vilachi-SNI Ltd. to conduct business and trade nationally in Mozambique initially relating to fishing, hotels and tourism.
 The joint venture agreement provides for a 60 percent ownership by Best Resources Mozambique and 40 percent by Vilachi. The purpose of the joint venture is to avail Best Resources Inc. (USA) the opportunities presented it by the laws of Mozambique and its government to promote foreign investment by giving special tax considerations and duty-free importing and exporting rights to foreign companies that joint venture with Mozambiquen companies.
 The company has signed a lease contract, on favorable terms, for a newly constructed $3 million high-tech refrigeration processing plant employing approximately 50 employees with production presently estimated to be between 1,000 and 2,000 pounds per day. At that rate of production, the company expects to produce between 4,000 and 7,000 pounds per day by the end of the calendar year 1993. The first container of lobsters containing 15,000 pounds is scheduled for shipment by the end of September 1993. By the end of calendar 1994, the company expects to be shipping four containers a month, with annual gross revenues to the company expected to reach between $8 million and $10 million.
 Management said it has identified a unique opportunity in Mozambique, utilizing its experience as distributors of seafood to hotels and restaurants, and has developed excellent relations with the Mozambiquen government. "The company intends to also explore the areas of hotels and tourism, and will seek to joint venture with other foreign investment groups to take advantage of the business opportunities that have developed in Mozambique since it emerged from the civil war," stated management. Mozambique was at one time a tourist hub in Southeast Asia.
 -0- 9/2/93
 /CONTACT: Fran Daniels, 310-278-4413/
 (BESN)


CO: Best Resources Inc.; Best Resources Mozambique Ltd.;
 Vilachi-SNI Ltd. ST: New Jersey IN: FOD SU: JVN CON


LM-BP -- LA003 -- 8290 09/02/93 09:30 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 2, 1993
Words:354
Previous Article:1993 NOMINEES ANNOUNCED FOR THE GEO AWARD FOR ENVIRONMENTAL EXCELLENCE
Next Article:PLAZA HOME MORTGAGE OPENS TWO NEW LOAN OFFICES IN CALIFORNIA
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters