SA HOLDINGS ANNOUNCES JOINT VENTURE AGREEMENT
SA HOLDINGS ANNOUNCES JOINT VENTURE AGREEMENT PLANO, Texas, Aug. 14 /PRNewswire/ -- SA Holdings, Inc.
(NASDAQ: SAHI) and the West Siberian Commercial Bank of Tyumen Oblast, Russia (ZAPSIBCOMBANK) announced today that they have signed a broad letter of intent to enter into a master joint venture agreement.
SA Holdings, Inc. will form a corporation with a minority ownership by the ZAPSIBCOMBANK. Jack Matz Jr., president of SA Holdings, will be the chairman of the newly formed company and Leonid Grinfeld, president of ZAPSIBCOMBANK, will serve as vice chairman. The ZAPSIBCOMBANK will organize a corporation with SA Holdings, Inc. as a minority partner. Grinfeld will serve as chairman of the newly formed corporation and Matz will serve as vice chairman. These two jointly held corporations to be formed will then form joint venture companies as needed. The ZAPSIBCOMBANK will research the industrial and population needs of the Tyumen Oblast territory. SA Holdings, Inc. will counsel and provide services and products to fill those needs, through joint venture companies to be formed to provide capital investment, knowledge, goods and services, for each enterprise. In essence, ZAPSIBCOMBANK will provide needs and the Russian enterprise, and SA Holdings will provide solutions from the West and will participate along with ZAPSIBCOMBANK, the joint venture partners and the individual Russian enterprises. There are numerous joint ventures that SA Holdings, Inc. will solicit to facilitate capital investment, knowledge and expertise as the agreement expands: The first joint venture that has been agreed to is with SA Holdings, Inc.'s wholly owned subsidiary, North American Telecommunications Corporation. Telecommunications Joint Venture North American Telecommunications Corporation, a subsidiary of SA Holdings, Inc., is in the business of providing services for international and long-distance telecommunications (ILDS). The Tyumen Oblast area of Russia is in need of improved and enhanced ILDS. Both ZAPSIBCOMBANK and SA Holdings, Inc. have signed an agreement to undertake a joint venture to market North American's Telecommunications service known as GlobalNet to Russian businesses in the Tyumen Oblast territory of the republic of Russia. This territory is approximately the same size as two-thirds of the lower 48 states in the United States. ZAPSIBCOMBANK and SA Holdings, Inc. believe there are substantial numbers of raw materials, products, and services needed both in Tyumen and elsewhere in the world. This agreement will serve to exploit the opportunities to the betterment of the emerging free enterprise system in the Tyumen Oblast territory of the Russian Republic and its joint venture partners. The companies presently foresee joint ventures, among other possibilities, in oil and gas, minerals, commercial and trade, timber, furring, as well as technical assistance and small business consulting. In the past, it was difficult to complete business transactions in Russia due to the lack of an appropriate conduit from the West. SA Holdings, Inc. and ZAPSIBCOMBANK jointly hope this conduit for the West will make it much easier to transact business. The Tyumen Oblast territory is one of the largest territories of the republic of Russia. Its territory is 1.5 million square kilometers. The plant and animal world is rich and variable. The territory grows cedars, pines, firs, and birches. The region is rich in mineral resources: oil, gas, peat, iron, ore, brown coal, limestone, quartzite, and marble. The extraction of oil in the Tyumen region represents two- thirds of the entire country's oil. In 1991, there was extracted 319 million tons of oil. The Tyumen Oblast territory is also very famous for its rich wood resources. The Tyumen Oblast territory harvested 12 million trees during 1991. -0- 8/14/92 /CONTACT: Jack W. Matz of SA Holdings, 214-516-0662/ (SAHI) CO: SA Holdings, Inc.; West Siberian Commercial Bank ST: Texas IN: TLS SU: JVN
PS-CK -- NY040 -- 0006 08/14/92 12:24 EDT
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|Date:||Aug 14, 1992|
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