The deal was announced today. From Yahoo Finance:
JOL Signs Contract With J&P
NEW YORK, January 2, 2007 - Journey of Light, Inc. ("JOL"), a
wholly owned subsidiary of Alfa International Holdings Corp. (OTC BB:
AHDS.OB - News), today announced that it has signed a definitive
agreement (the "J&P Agreement") with Joannou & Paraskevaides
(Overseas) Ltd. ("J&P") with respect to JOL's proposed 1.6 billion
dollar Omagine real-estate development project (the "Omagine" project)
in the Sultanate of Oman (''Oman''). The J&P Agreement memorializes
the relationship that will exist between J&P and a company to be
formed in Oman by JOL (the "Project Company") for the purpose of
building, owning and operating the Omagine project.
Alfa's president, Frank J. Drohan (who is also president of
JOL), remarked, "We are extremely pleased that we have concluded this
Agreement with J&P. I have known J&P for over 20 years and have worked
with them before on significant projects. They have been in business
for over 50 years, are a very active general contractor in the Middle
East with over 17,000 employees, have approximately $ 1 billion
dollars in annual revenue and enjoy an impeccable reputation for
quality workmanship and on time delivery. The arrangement we have
concluded with J&P contemplates J&P being a significant investor in
the Project Company ( a minimum of 15 million U.S. Dollars); J&P
receiving a minority equity stake in the Project Company, and J&P
being the general contractor for the Omagine Project with JOL sharing
in the profits of such construction project. The value of the
construction contract that the Project Company is obligated to award
to J&P is directly proportional to the amount of J&P's investment in
the Project Company. If J&P invests 100% of the required Project
Company equity they will get 100% of the construction contract; if
they choose to invest less than 100% of the required Project Company
equity, then JOL and the Project Company, at their sole discretion,
may accept or reject such proposed investment."
Drohan continued, "We believe the JOL-J&P Agreement we have
concluded has all the correct incentives and has aligned the interests
of all parties toward a successful conclusion of the financial
closing, construction and operation of the Omagine Project. What
remains now is for us to sign the Development Agreement with the
Government of Oman and get on with the development of the project - an
event which we presently expect to occur during the first quarter of
2007. The signing of this agreement with J&P is a very positive step
toward that goal."
Omagine is proposed to be developed on 1 million square meters
(equal to approximately 245 acres) of beachfront land facing the Gulf
of Oman (the "Omagine Site") just west of the capital city of Muscat
and nearby the Seeb International Airport. The market value of the
Omagine Site has increased sharply during the last year. Omagine is
planned to be an integration of cultural, heritage, educational,
entertainment and residential components, including: a "high culture"
theme park containing seven pearl shaped buildings, each approximately
60 feet in diameter (the "Pearls") and associated exhibition buildings
(collectively, the "Landmark"); a five star resort hotel; a four star
hotel; a boardwalk; an open air amphitheater and stage; a canal and
enclosed harbor area; boat slips; commercial office buildings;
shopping and retail establishments; restaurants and open space green
areas. Additionally, Omagine, as presently conceived, includes the
construction and sale by the Project Company of approximately 3,900
residences consisting of a combination of villas, town homes and
apartments.
About Alfa International Holdings Corp.
Alfa International Holdings Corp. (OTC BB:AHDS.OB) conducts all its
real-estate development business activities through its wholly owned
subsidiary, Journey of Light, Inc. (JOL). JOL is a real-estate
development, entertainment and hospitality company focusing on Middle
Eastern development opportunities resulting from the recent aggressive
growth strategies adopted by governments in the hyper-wealthy Persian
Gulf region. These governments are seeking to diversify their
economies through mega projects that create tourist destination hot
spots. The Middle East is the fastest growing tourist destination in
the world and this little known fact combined with relentlessly rising
prices for oil and natural gas has created a "perfect storm" of
enormous financial resources combined with superb development
opportunities.
For all Alfa's investor relations needs, investors are asked to visit
Alfa's IR Hub at http://www.agoracom.com/IR/Alfa where they can post
questions and receive answers within the same day, or simply review
questions and answers posted by other investors. Alternatively,
investors are able to e-mail all questions and correspondence to
AHDS@agoracom.com where they can also request addition to the investor
e-mail list to receive all future press releases and updates in real
time. Visit Alfa's website at http://www.AlfaCorp.net
This press release may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. The
risks and uncertainties that may affect the operations, performance
development and results of Alfa's business include but are not limited
to: JOL's failure to sign the Development Agreement with the
Government of Oman, fluctuations in financial results, availability
and customer acceptance of Alfa's and JOL's products and services,
final negotiations of impending contracts, and purchase orders, the
impact of competitive products, services and pricing, general market
trends and conditions, and other risks detailed in the Company's SEC
reports.
Contact: Alfa International Holdings Corp.
Frank J. Drohan, President & CEO
(212) 563-4141
