TORONTO, ONTARIO--(Marketwire - Nov. 2, 2010) - Ivany Nguyen Inc. (OTCBB:IVNG)(FRANKFURT:XNG) is pleased to announce that we have received approval from the Department of Agriculture & Forest to proceed with the development of our bamboo project in Attapeu, Province in Lao PDR.
Mr. Sam Nguyen Reports: "Under official document no. 1334/SNL the company is approved to extract and harvest 5000 hectares of the current bamboo resource known as "bambusa procera" also referred to as Lo-o in Vietnamese."
"We are very pleased to have full support of the government on this very promising project. We have also been granted approval to build our factory, storage and nursery facilities on a 20 hectare land parcel located within the industrial zone of Attapeu, Province. The factory location is in strategic proximity to our project location and is located on a major paved highway in the Province of Attapeu. This approval has been granted by the Provincial Agency of Land Management pursuant to official document no. 0580/QDDD." Furthermore, the Federal government in Vientenne has granted Ivany Nguyen our foreign investment license and we have been approved by the Committee of Incentive and Management of Domestic & Foreign Investment as a 100% holder pursuant to Official Document No. 1193-KH-DT"
Ivany Nguyen is committed to becoming a leading producer of bamboo and agricultural commodities in South East Asia. With its experienced management team and long-standing relationships with local governments in the region, the company is well positioned to capitalize on the fast growing bamboo industry.
To learn more about our company, projects and upcoming events please visit our website or call our Investor Relations line toll-free at the numbers below.
Certain statements in this news release may constitute "forward-looking" statements within the meaning of section 21E of the Securities and Exchange Act of 1934. The Company believes that its expectations, as expressed in these statements, are based on reasonable assumptions regarding the risks and uncertainties inherent in achieving those expectations. These statements are not, however, guarantees of future performance and actual results may differ materially. Such forward-looking statements involve risks and uncertainties, which may cause the actual results, performance, or achievement expressed or implied to differ. Some of the factors that may affect forward looking statements in this news release are the risk that we will be unable to raise additional debt or equity capital sufficient to put our planned bamboo harvesting enterprise into operation, and the risk that we may not be able to profitably harvest and market bamboo on a sustained basis once the planned operation is commenced.