Dear harrel, thank you for your inquiry. As stated in the press release dated Apr 24, 2007:
NEWS - Oman Government Approves Alfa International Holdings Corp.'s Omagine Project
NEW YORK, Apr 24, 2007 -- Alfa International Holdings Corp. (OTCBB:AHDS) today announced that on April 18, 2007 its wholly owned subsidiary Journey of Light, Inc. ("JOL") received a letter (the "Offer Letter") from the Oman Government stating in relevant part: "The Ministry would like to receive your written acceptance that the Ministry letter of the 26th March as supplemented by this letter shall be the basis to proceed and the Government shall then commence with producing a draft Agreement for your comments."
As recently disclosed in Alfa's public filings with the SEC, JOL, on March 26, 2007, received a letter (the "Approval Letter") from the Minister of Tourism notifying JOL that the Government of Oman had approved the development of the Omagine Project. The Approval Letter specified certain commercial terms to be incorporated into the Development Agreement and JOL and its attorneys discussed these terms with the relevant Government officials. The Offer Letter amended some important terms of the Approval Letter to JOL's satisfaction.
As requested by the Government, JOL sent its written acceptance to the Ministry of Tourism on April 23, 2007 stating that the Approval Letter and the Offer Letter shall be the basis on which to proceed with the drafting of the Development Agreement. JOL is expecting to receive a draft development agreement from the Government shortly and management will be in Oman during early May 2007 to finalize the commercial terms and the documentation of the Development Agreement. Alfa's president, Frank J. Drohan, remarked, "We are tremendously pleased with the progress of events to date. JOL's management, its attorneys and Alfa's Board of Directors look forward to finalizing the Development Agreement with the Government and starting the final design and construction of Omagine. We believe that the few remaining minor ambiguous terms and conditions can be expeditiously resolved in the Development Agreement to the satisfaction of all parties. We are delighted with the steady progress JOL has made with its plans for developing the Omagine Project in Oman -- at a presently estimated cost of construction of US$1.6 billion. We look forward together with our strategic partner J&P to delivering a truly world-class development in Oman of which the Government and the Omani people will be proud."
The Company expects to sign a Development Agreement with the Government of Oman within the next several weeks.
Regards,
AGORACOM Investor Relations
