AmeraMex International Signs Memorandum of Understanding with Ghana’s Minister of Transportation for a $245 Million Rail System Project
MOU for Rebuilding Ghana’s Rail System
CHICO, CA – July 30, 2009 – AmeraMex International, Inc. (OTC: AMMX), a provider of heavy equipment to infrastructure construction, stevedoring and mining companies, today announced it has signed a Memorandum Of Understanding (“MOU”) with Mike Hammah, Ghana’s Minister of Transportation. The MOU outlines the financial terms and project milestones for the initial phase of $245 million rail project. AmeraMex is partnering with Michigan-based Railmark Inc. to provide a cohesive program for the rebuilding of Ghana’s rail system.
The project proposal, including the repair or replacement of the 650-mile rail system, estimated at $900 million, was presented to Hammah in June. Management expects to have the first of two agreements signed in mid August. AmeraMex and Railmark will be working with the Export-Import Bank of the U.S. (“the Bank”), which provides support to small U.S. businesses engaged in the export of U.S. products and services through financing and insuring foreign purchases of United States goods for customers unable or unwilling to accept credit risk. The Bank was developed to create and sustain U.S. jobs by financing sales of U.S. exports to international buyers, and is chartered as a government corporation by the Congress of the United States. Additionally, the company is exploring the possibility of utilizing the World Bank as a consulting and funding source.
“Despite the current global economic downturn, African countries continue to experience above average growth and, according to the International Monetary fund, will see a positive growth rate of 3.5 percent in 2009,” said AmeraMex CEO Lee Hamre. “Ghana is one of the world’s top gold producers. In 2007 an oilfield reported to contain up to three billion barrels of light oil was discovered; and oil exploration is ongoing. Ghana remains one of the more economically sound countries in all of Africa and desires to provide an infrastructure that allows for continuing growth,” added Hamre.
About AmeraMex International
AmeraMex International sells, leases, and rents heavy equipment to companies within four industries: construction (light and infrastructure), shipping, mining and logging. AmeraMex’s largest product line is specialized container handling equipment that enables stevedoring companies to quickly and efficiently load and offload container and general freight ships dockside. AmeraMex, with customers in North America, South America, Asia, and Eastern Europe, has over 30 years of experience in heavy equipment sales and service and inventories top-of-the-line equipment from manufacturers such as Taylor Machine Works Inc. and Terex Heavy Equipment. For more information visit the AmeraMex website, www.AMMX.net.
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