... and 2day they confirm the 40M Euro Loan Guarantee
Great Wall Builders (GWBU) Issued Confirmation of EURO 40,000,000 Bank Guarantee from BNL Gruppo BNP Paribas * Reuters is not responsible for the content in this press release.
Tue Jul 3, 2012 7:00am EDT
BOLOGNA, ITALY, Jul 03 (MARKET WIRE) -- Great Wall Builders Ltd. (OTCBB:GWBU) (or "the Company"), operating as "Start Technologies Europe s.r.o.", is pleased to announce that the Company was issued June 29th, 2012, confirmation of a EURO 40,000,000 Bank Guarantee ("Bank Guarantee") from Banca Nazionale del Lavoro SPA - Gruppo BNP Paribas ("BNL").
The BNL Bank Guarantee is attached and assigned to the Coopsette Soc Coop ("Coopsette") contract ("Contract"). As previously announced on June 7th, 2012, the Company reported the signed international distribution Contract with Coopsette for the Start Fuel Efficiency and Emission Device (FEED) units.
The Contract outlines a minimum purchase of EURO 120,000,000 in Start FEED units in the first three (3) years. As reported, the Contract outlines the sale of "Start 2", "Start 3" and "Start 4" units delivered quarterly starting with 9,300 units that will be delivered by September 30th, 2012 and a continued 9,300 units per quarter thereafter, for a total of 120,900 Start FEED units. Payment for the units is within 15 days of delivery as required in the BNL Bank Guarantee.
The units will be manufactured by Start Technologies Europe, a 100% owned subsidiary of GWBU, based in Topol'cani, Slovakia, the European distributor for the Start FEED units.
"The BNL Bank Guarantee will allow the Company to facilitate the manufacturing and production of the Start FEED units to facilitate the Coopsette order." states GWBU President and CEO, Mr. Daniele Brazzi, "The BNL relationship has opened a world of possibilities for our Company. We are very excited to enter the next phase of growth for the Company and will continue to provide regular updates to our potential clients and shareholders."
The Company will be filing the 8k public disclosure with the Securities and Exchange Commission in the coming days.
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