SOURCE: Montague International Holding Ltd.
PHILADELPHIA, PA--(Marketwire - Nov 8, 2012) - Montague International Holding Ltd. (PINKSHEETS: MIHL) had announced several important developments on its road map toward the goals set by the Board of Directors.
MIHL had completed the acquisitions of SIA BIOIL and SIA KROKUS of Riga Latvia.
The BIOIL, owner of Biodiesel refinery in Riga Latvia, had transferred to US Oil & Refining Co an MIHL (wholly owned subsidiary of MIHL) -- 90% of all outstanding shares in the company. The deal is valued at approximately US$8 million dollars.
In addition, KROKUS, owner of several entertainment properties in Riga Latvia, had transferred 90% of all outstanding shares to MTG Consolidated Entertainment Inc. (a wholly owned subsidiary of MIHL) The deal valued at approximately US$25 million dollars.
MIHL welcomes the employees and management of SIA BiOil and SIA KROKUS to our company.
Further MIHL had entered into a definitive Letter Of Intent to acquire 90% of SIA "ZELTA RASA NAMI" Reg#40103207460 of Riga Latvia. Zelta Rasa Nami is a prominent real estate development company with over US$200 million either in operation or under development. The deal is valued at $85 million and is expected to close in early 1st Qt. of 2013. Jelena Zakreka the Managing Director of Zelta Rasa Nami stated, "We are glad to be joining such a vibrant company as MIHL and look forward to becoming an MIHL company.
In other developments, MIHL had announced the opening of the Riga, Latvia Office. According to Ms. Saltsova, CEO of MIHL, "Due to rapid development of our business in the Baltic Region and especially in Latvia we see this office as essential to MIHL expansion." Ms. Saltsova went on to welcome Mr. Olegs Demjanovs, the head of the Riga Office and MIHL Senior Vice President Eastern Europe. Mr. Demjanovs, a prominent Latvian Businessman with interests in the Energy and Real Estate sectors brings with him a vast network business contacts. Mr. Demjanovs said, "I feel very welcome by MIHL and I firmly believe that MIHL and its shareholders will benefit immensely from the business opportunities available in Latvia and the other Baltic Countries. I want to thank the Board of Directors in allowing me to join MIHL at this interesting junction."