PRONITEC INVESTMENTS LTD.
9239 Rossini, Brossard, Quebec, Canada J4X 2R8
Tel.: (450) 466-0930, Fax: (450) 466-1114
Mr. Victor I.H. Sun
AVIC Technologies Ltd. June 19, 2000
445, Rue Saint-Francois-Xavier
Montreal, Quebec
H2Y 2T1
Ref: China Nanning Fiberglass Window Frame Project
Dear Mr. Sun,
Further to our last week's meeting on the Nanning Fiberglass Window Frame
Project, and after reviewing your feasibility study report, I'm please to
announce our interest in pursuing an equity participation in AVIC Technologies
Ltd. for the Nanning, Guang Xi, China, Project.
Pronitec has always been interested in investing in China, particularly on
energy and/or infrastructure projects. Unfortunately, the 1997-1998 Asia
financial crisis has kept us away from closing a few deals. With China eminent
entry into the World Trade Organization, China construction industry, among
other things, will undoubtedly enter into a new phase, and thus our interest in
the Nanning Project.
But before committing any specific capitals, we would like to receive the
following document or information:
- AVIC company management structure and latest financial statement
- Joint venture contract or memorandum with the Nanning Window Factor
- What new technology AVIC will bring to Nanning, and cost/benefit
analyses
- AVIC business plan for the Nanning Fiberglass Window Frame Project
- AVIC plan, if any, of similar project in other part of China
After examining the above documents, a fact-finding trip may be followed. We
would like to visit the Nanning City and the Nanning Window Factory. We would
appreciate it very much if you can accompany us for the visit, or, making sure
we will be meeting the key people there.
While we are very interested in the project, I must emphasize that this letter
is not a final contract, but merely an expression of our intention to pursue
further negotiation.
Sincerely Yours,
Hou-Cheong Chan
President
