CTXI NEWS-Order From United Nations For 30 Minivans
Tuesday January 9, 9:00 am ET
SAN DIEGO--(BUSINESS WIRE)--MicroHoldings US, Inc. (Pink Sheets:CTXI - News) today announced that MicroCars, Ltd., has received a purchase order from the United Nations Development Programme in Sri Lanka for 30 MicroCar Minivans. The MicroCars mininvans generally retail for about $10,000 US; however, terms of this sale were not disclosed. MicroHoldings recently acquired a 40% equity stake in MicroCars, Ltd. and holds the international license for MicroCars vehicle and plant sales.
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Stated Jeffrey Flannery, CEO of MicroHoldings US, Inc., "This order, from the local office of an international organization with the size and stature of the UN, is strong validation of the value that MicroCars has developed in its line of vehicles. We also believe this demonstrates that MicroCars can compete on an international level from the critical standpoints of production, quality, cost and service."
Established in 1995, MicroCars, Ltd. is the only automobile manufacturer in Sri Lanka, featuring a line that includes a sedan, a coupe, a minivan and a four wheel drive pickup truck. The Micro Cars facility is labor intensive, unlike U.S. and Western plants that rely on expensive automation and robots. The system was designed for countries such as Sri Lanka that have low labor rates but a need for high quality, inexpensive vehicles.
More information on the MicroHoldings US, Inc. can be found at www.microholdings-us.com. Information on MicroCars, Ltd. can be found at www.microcars.lk.
