Export Development Canada Guarantee Helps Vancouver-based Minaean International Corp. Secure CAD $5.5 Million Contract in India

News Release

(OTTAWA) January 26, 2007 Export Development Canada (EDC) has completed a Financial Security Guarantee for Vancouver-based Minaean International Corp. ("Minaean") to facilitate a CAD $5.5 million contract with Shell India.
EDC's Financial Security Guarantee was provided to the State Bank of India (Canada), which provided the required collateral for the State Bank of India (India) to establish a CAD $2 million line of credit to fund the working capital requirements of the Shell contract. Minaean will provide prefabricated modular steel structures to be used as retail outlets for Shell gas stations across India.
"EDC is pleased to provide a timely financial solution for Minaean to help them secure a lucrative and potentially escalating contract in India, a very important emerging market for Canadian companies," said Eric Siegel, President and C.E.O. of EDC. "India is a growth market for Canadian companies, both as a traditional export market and as an integrative part of a global supply chain. For that reason, EDC has permanent representatives there to help companies like Minaean position themselves in whatever capacity they require."
Minaean is a public company trading on the TSX Venture Exchange under the symbol "MIB". Minaean Habitat (India) Private Ltd. (MHI) is the wholly owned subsidiary that was awarded a CAD $5.5 million contract from Shell India for the delivery and installation of 50 complete modular service station buildings. Minaean is a Canadian company engaged in the development and promotion of innovative quick build light gauge steel technologies for the construction of cost effective and environmentally friendly structures.
EDC's support in providing a guarantee facility of CAD 300,000 initially allowed the company to invest in capital expenditures and the refurbishing of its Bangalore-based production unit. The subsequent release of CAD 2 million by EDC brought forward Minaean's ability to lease and set up a 30,000 square foot facility in Mumbai and get into full scale production within ten weeks. This had a direct impact upon Shell's decision to award the contract to Minaean.
"EDC's assistance has been instrumental in enabling Minaean to really launch itself in the Indian building industry. With EDC's support, Minaean has taken its business to the next level and we look forward to capitalizing on even larger opportunities in 2007," said Hari Varshney, Chairman of Minaean. Export Development Canada is Canada's export credit agency, offering innovative commercial solutions to help Canadian exporters and investors expand their international business. EDC's knowledge and partnerships are used by 7,000 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining and is a recognized leader in financial reporting, economic analysis and human resource management.
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Media contact: Phil TaylorEDC Public Affairs(613) 598-2904ptaylor@edc.ca

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Export Development Canada Guarantee Helps Vancouver-based Minaean International Corp. Secure CAD $5.5 Million Contract in India

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