ORLANDO, Fla., July 8, 2009 (GLOBE NEWSWIRE) -- Promotora Valle Hermoso (OTCBB:PVHI), a housing, commercial and heavy industry construction company that also serves government oil and gas infrastructure projects announced today that its subsidiary 494 UNR was granted a 300 million rubles (~ $9.0 Million USD) credit line by Sberbank, Russia (Sberbank today is the largest credit institution in Russia and CIS, accounting for about a quarter of the aggregate Russian banking assets and a third of banking capital). According to The Banker magazine, as of July 1, 2008, Sberbank was ranked 33rd in the world in terms of Tier 1 capital.
The funds received through the credit line will be used to enhance and develop the production of PRUDON-494, a 494 UNR patented road based material. At this time 494 UNR produces 4 types of PRUDON 494 which are used for the reinforcement of slopes, embankment slopes, viaduct slopes, for the reinforcement of a road base and sandwich reinforcement of steep slopes, for retaining walls, for the reinforcement of the soil while building airports, railways, oil and gas deposits, objects of extraction and oil and gas transportation, and storage and industrial premises.
More information on the PRUDON - 494 can be found on the company website:www.unrhs.com, www.prudon.ru and also on http://www.geosyntheticssociety.org/Corporate/Russian%20Federation.htm
About Promotora Valle Hermoso:
Promotora Valle Hermoso is a holding company that has a 68% ownership in its subsidiary 494 UNR. 494 UNR is a diverse construction company with more than 40 years of success serving the Russian construction market specializing in general and infrastructure construction services such as designing/building of many-storied apartment buildings for middle and upper middle class families, office buildings, highways, bridges, producing of construction materials, concrete products. While PVHI is capable of complex construction projects the company also serves Government infrastructure projects for oil and gas corporations, such as GAZPROM, TRANSNEFT. 494 UNR is one of the oldest and most stable companies located and operating in Moscow and the Moscow area, Russian Federation.
More detailed information on the housing projects can be found on the Promotora Valle Hermoso corporate website: http://www.unrhs.com.
The Promotora Valle Hermoso, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=2777
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements (within the meaning of Section 27a of the Securities Act of 1933 and Section 21e of the Securities Exchange Act of 1934) regarding us and our business, financial condition, results of operations and prospects. Forward-looking statements in this report reflect the good faith judgment of our management and the statements are based on facts and factors as we currently know them. Forward- looking statements are subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. Readers are urged not to place undue reliance on these forward-looking statements which speak only as of the date of this press release. We undertake no obligation to revise or update any forward- looking statements in order to reflect any event or circumstance that may arise after the date of the press release.