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Terra Block International Signs Letter of Intent to Build 4,000+ Homes in Guatemala.

Business Editors

CINCINNATI & ORLANDO, Fla.--(BUSINESS WIRE)--June 26, 2003

Terra Block International Inc. (OTCBB:TBLK), a global provider of low-cost housing solutions, announced that the Company has executed a Letter of Intent with Guatemalan housing developer TERRAZE to build 4,000+ houses for its development in the Frajaines area of Guatemala, C.A.

"The TERRAZE project is a perfect fit for Terra Block," said Gregory Pitner, company president. "TERRAZE is responsible for urbanization of the property, including electricity, water, sewer, gas and roads, while Terra Block will build the two-story homes using the Terra Block System."

Mr. Leonardo Enrique Ramazzini Dardon of TERRAZE indicated in his letter that 10% of the project has buyers already and that an arrangement has been made with a bank to provide mortgage financing for purchasers.

According to Mike Gross, COO of Terra Block, "We estimate that these homes will sell for approximately $39,000 USD, with Terra Block's portion of the profit likely to be approximately $8,000 USD per home."

Business Summary

Terra Block International Inc. (www.terrablock.com) engages in the manufacture, distribution and application of technologically advanced construction products for the large-scale production of low-cost, high-quality, energy-efficient homes and commercial buildings. This technology and expertise is referred to as the "Terra Block System" and has been used worldwide to build houses, schools, churches and commercial facilities for 23 years. The Terra Block System features a line of machines developed, perfected and patented by Terra Block Inc. that manufacture Compressed Earth Blocks using common soil as the raw material.

Special Note: Management believes certain statements in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of management's views and assumptions regarding future events and business performance as of the time the statements are made. Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the company prior to its current fiscal year end, as well as from developments beyond the company's control, including changes in global economic conditions that may, among other things, affect the company's performance anticipated acquisitions or future business. In addition, changes in domestic competitive and economic conditions may also affect performance of all significant company businesses.
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Publication:Business Wire
Date:Jun 26, 2003
Words:384
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