NEWS OTC DISCLOSURE & NEWS SERVICE
KIBUSH CAPITAL INC (DLCR) ANNOUNCES THE SIGNING OF MULTIPLE LONG-TERM SALES & SUPPLY AGREEMENTS
Press Release | 06/10/2020
MELBOURNE, Australia, June 10, 2020 (GLOBE NEWSWIRE) -- Kibush Capital Corporation (OTC:DLCR) (the “Company”) announced today the signing of multiple long term sales and supply agreements, allowing the company to generate significantly more revenue in the coming quarters.
The first set of agreements is comprised of two rolling purchases orders to plywood factories in PNG (Papua New Guinea) at a max rate of 1000 cubic meters per month each. Additionally, the company will be able to sell the logs unprocessed straight from the resource area to their factories at a rate of $100 USD per cubic meter. The next agreement is with an exporter who will take as much as 4 containers per month (30 cubic meters per container) for export into India, at a rate of $650.00 USD per cubic meter.
The company has also made several significant commercial agreements that will help in continuous year-round operations. A road has been built that will allow 24-hour access to the site and can withstand all seasons; something that was a previous issue. Additionally, the 5-year agreement with the landowner covers 50,000 hectares and allows DLCR to sign another 7 landowner groups each with a minimum of 50,000 hectares each. This is a huge development for the company moving forward as there will no longer be a review period after each year, allowing for continuous operations and continuous revenue generation.
The company has also entered into an agreement with the Senunu Clan - the principle landowners of Senunu Timber area - to file a application to the Forestry Department for a Timber Authority permit, allowing for 5000 cubic meters of round logs to be harvested per year.
Warren Sheppard, CEO of DLCR had the following to say, “Now that we entered into a number of high revenue generating agreements, along with a number of new commercial deals, we feel this is a great opportunity to update our shareholders on the significant progress we have made over the last couple of months. This is only the beginning as we are working on expanding our operations even further to add more revenue to the company and increase shareholder value”
