Interesting companyin a similar space, definitely worth picking up a few shares at the current price levels:
Minaean awarded $1.05-million Indian contract
Minaean International Corp (C:MIB)
Shares Issued 37,138,025
Last Close 7/7/2009 $0.08
Wednesday July 08 2009 - News Release
Mr. Mervyn Pinto reports
MINAEAN AWARDED CONTRACT FOR CONSTRUCTING BUS QUEUE SHELTER PROTOTYPE IN GOA,INDIA
Minaean International Corp.'s wholly owned subsidiary, Minaean Habitat (India) Pvt. Ltd., has been awarded a work order for the fabrication and installation of 125 of its ultra-modern, steel bus queue shelters in Goa, India, by Itihas Media Private Limited and Jagran Engage, some of the largest outdoor advertising companies in India. The contract has an estimated value of $1.05-million (Canadian) for delivery within 90 days upon installation and modification of the first prototype.
Itihaas Media Pvt. Ltd. and Jagran Engage have entered into a strategic relationship for the implementation of the bus queue shelter project in Goa. It is anticipated that the two companies will form a special purpose vehicle company to execute this project and bid for larger contracts in this region.
Minaean will initially erect a prototype of the bus queue shelter and upon satisfactory completion will then build the 125 shelters in two stages, prefabricated in Minaean's Mumbai plant, and shipped to site and installed thereafter.
The Indian outdoor advertising industry is estimated to be valued at about $500-million (Canadian), though a large part of it remains unorganized and localized. The industry is growing at 20 per cent per annum and is expected to account for 12 per cent of the country's total advertising expenditures by 2010. Growth within this sector is primarily being fuelled by advertisers increasingly looking at diversifying expenditure from conventional print and television media to a relatively less expensive and far-reaching means of communication.
Minaean has prefabricated and installed 350 bus queue shelters during the last fiscal year and has established a solid track record which is anticipated to result in the securing of larger contracts in the coming months. This order represents Minaean's continued expansion in the Indian out-of-home media advertising industry and is further evidence that the company is becoming one of the leading manufacturers of such street furniture in the market.