MONTREAL, Nov. 3, 2005 (PRIMEZONE) -- Mr. Dean Panofsky, Chairman of the Board, was pleased to announce today that Beluga (Pink Sheets:BGCC) has received a financing commitment from Alps Resources Bankers Inc., a Florida-based private equity fund banker. Under the terms of the agreement, Alps Bankers shall provide a $10,000,000 bank guarantee through the Deutsch Bank for a period of 5 years.
Beluga is very satisfied with this agreement with Alps Resources Bankers Inc. as the flexibility and certitude afforded by this capital structure will enable Beluga Composites Corporation to access other capital markets on very favourable terms. Mr Panofsky said that now Beluga will be able to expand more rapidly than previously planned with a view to satisfying the pressing needs of the major oil companies to set up manufacturing sites in various countries and to double the capacity of the existing plant in the Philippines as well as the soon to be opened one in India. "We have been pleasantly surprised by the rapid acceptance of our technology and business philosophy in the far East. However, it has put us under a lot of pressure to increase the capacity in our first plant and to accelerate our expansion in India and at least two countries in this part of the world. Our financial alliance with Alps Resources Bankers will facilitate our growth and our ability to respond to the market pressures for our double wall filament wound FRP tanks to fulfill the need for a high quality environmental protection system."
About Alps Resources Bankers Inc.
Alps Resources Bankers, also known as Alps Bankers, forms part of the AR Group of Companies. Alps Bankers' headquarters is in Palm Beach, Florida and is represented in Europe, Russia, Switzerland and Canada. After careful scrutiny of the world market and the quality of the Beluga product line they have committed to this long-term financial alliance.
About Beluga:
Beluga Composites Corporation is a manufacturer of UST, related accessories and oil/water separators. Member of the Petroleum Equipment Institute, Panox has the technology and holds the Underwriters Laboratories UL 1316 and ULC-615-S certifications for fiber glass reinforced plastic (FRP) underground storage tanks for petroleum products.
These two certifications were obtained after having produced a number of tank samples and undergone a series of exacting tests supervised by the Underwriters Laboratories.
Beluga manufactures single wall and double wall FRP UST that are of higher quality and environmentally safer than steel tanks, being 100% corrosion resistant. Moreover, Beluga's tanks are produced using the next generation FRP UST technology, FILAMENT WINDING, and as such, they are mechanically and structurally superior to FRP tanks produced by the competition which still uses the first generation FRP UST technology, SPRAY UP, which depend on a structural type of back fill during installation. Beluga's technology, which produces a structurally autonomous UST with fully integrated, physical characteristics independent of any consideration for the type of backfill to be used. The key advantages of the Beluga manufacturing process are: efficient and computerized filament wound technology, consistent high quality controlled modularly designed products and competitive pricing.
The Beluga Composites Corporation logo is available at: http://www.primezone.com/newsroom/prs/?pkgid=1604
Safe Harbor Statement
This press release contains information that constitutes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements involve risk and uncertainties that could cause actual results to differ materially from any future results described within the forward-looking statements. The Company specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company's estimates of its future financial performance as of any date subsequent to the date of this press release.