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Senticore Merger Partner, Westar, Obtains $1,600,000 Order
HOLLYWOOD, FL, Mar. 11, 2004 (MARKET WIRE via COMTEX) -- Senticore, Inc. (SNIO) , reports that its merger partner, Westar South America, has obtained a $1,600,000 order to supply Caribbean Pine lumber from Venezuela to a major Middle Eastern construction company. The sawn timber will be used in construction for the rebuilding efforts in Iraq.
Westar will supply Caribbean Pine, kiln dried, metric sawn export timber to the Middle East. The Company reports that buyers wish to purchase 5,000 cubic meters of Westar's product during the next two months. Current market rate of the sawn timber is nearly $320 USD per cubic meter, providing approximately $1,600,000 in revenues during a sixty-day period for the company.
"Buyers from the Middle East prefer the timber from Venezuela and other parts of South America compared to timber supplied from northern, cold weather countries, primarily due to the similarities in their climates. There is far less chance of the wood warping, splitting or cracking due to drastic temperature changes. This is one of the key reasons we have been receiving so much attention in Venezuela," stated Richard Smith, President of Westar South America.
When asked about the number of orders Senticore and its merger partners, Westar and Smith Forestal, have announced during recent weeks, Richard Smith said, "The market is hot and buyers have been approaching us daily with purchase orders. We have yet to develop a marketing department in our Company, and don't believe we'll need one in the immediate future. Our emphasis today is on production of existing orders versus sales."
"We have been pleasantly surprised by the sales volume during the first month of operation since the acquisition announcement," said Carl Gessner, President of Senticore. "It appears that the industry will continue to perform well since there is far greater demand than available supply, as evidenced by the surge in lumber prices all over the world."
If business continues as it has been for timber suppliers, the future looks very promising, as this is clearly a seller's market. With the growth and resurgence of the industry, Senticore and its merger partner, Westar, hope to surpass their initial sales projections.
About Westar South America:
Westar South America S.A., established in 1994, is a prominent name in the timber industry. The company's assets include 23,200 acres of Pino Caribe (otherwise known as Caribbean Pine) timber plantations, two large sawmills, equipment and inventory. Westar products include furniture, doors, moldings, metric sawn export timber, export logs, decking and industrial materials. Westar lumber has been used by many home builders globally for doors, windows, decking, crown moldings, as well as other components of a home.
About Senticore:
Senticore, Inc. was restructured as a holding company in 2003 to effect the acquisition of businesses and their underlying real estate properties. Today, the company's specific concentration is in the following industries: timber plantations, land development, gas stations/convenient stores, and hotel/motels. Through its most recent merger announcements with Westar South America and Smith Forestal, Senticore intends to become a dominant distributor of Melina and Pino Caribe in the timber industry.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain of the statements contained herein, which are not historical facts, are forward-looking statements with respect to events, the occurrence of which involve risks and uncertainties. These forward-looking statements may be impacted, either positively or negatively, by various factors. Information concerning potential factors that could affect the Company is detailed from time to time in the Company's reports filed with the Securities and Exchange Commission.
Senticore, Inc.
Investor Relations:
Worldwide Financial Marketing
Phone (954) 360-9998
info@wwfinancial.com
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