SCOTTSDALE, Arizona, May 12, 2016 /PRNewswire/ --
Paradise Ridge Hydrocarbons, Inc. (OTC: PRGE) announced today that Far East Ventures Holdings Ltd ("FEV"), a South East Asian investment holding company with which the company is in the process of completing a merger, has entered into a joint venture arrangement with a major Philippine industrial and mining group to supply and distribute cement and building products throughout Philippines and Northern Sulawesi Province of Indonesia. The joint venture includes the acquisition of a 1mm tonne p.a. cement plant in Cebu Philippines, which will be used initially to grind and process clinker (raw cement) imported from Asian suppliers such as China and Vietnam. Finished product will be shipped to the Northern Sulawesi Province in Indonesia where it will be packaged and distributed as a local product.
Paradise CEO David Naylor stated, "This joint venture acquisition of the Cebu cement plant positions Paradise Ridge to grow its corporate presence in Indonesia. Our partner, Far East Ventures, has invested in completing this strategic transaction and the FEV/Paradise vision is becoming a reality."
Forward Looking Statements
This press release contains forward-looking statements that involve numerous risks and uncertainties. Actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements as a result of certain factors, including those set forth in the Company's filings with the Securities and Exchange Commission.
For more information:
David Naylor, CEO
Paradise Ridge Hydrocarbons, Inc.
Tel: +1-602-455-1240 email: firstname.lastname@example.org
SOURCE Paradise Ridge Hydrocarbons, Inc.