El Maniel International Inc. to Acquire 20% Stakes in Agona Rural Bank Under Its Rural Community Bank Acquisition Program
February 11 2011 - 11:10AM
El Maniel International Inc (Pink Sheets:EMLL) announces today that
the company's Board has identified a Rural Community Bank (RCB) in
Ghana, West Africa for acquisition under its Rural Community Bank
Acquisition Program. "We are in the advanced stages of discussions
with Agona Rural Bank, headquartered in the Central Region of
Ghana, West Africa and we are very excited about the tremendous
synergies and opportunities in store" according to Jamie Khoo, CEO
of El Maniel International Inc "El Maniel will be acquiring 20%
stakes of Agona Rural Bank and we are expecting to enter into a
Definitive Agreement with Agona Rural Bank by Mid-February 2011".
Agona Rural Bank is headquartered in Agona Kwanyako in the
Central Region of Ghana, West Africa. The concept of Rural
Community Banking was established over 30 years ago by the Bank of
Ghana with the Ministry of Finance aimed at serving the special
needs of the rural population in Ghana. The Bank of Ghana found
that bringing the rural population into the banking system under
rules designed to suit their socio-economic circumstances and
various entrepreneurial efforts would prove to be beneficial to the
country's economy. RCBs in Ghana are supervised and regulated by a
"mini central bank" and on 2 July 2002, the ARB Apex Bank was
authorized and empowered by the Government of Ghana to commence
operations and function as the mini central bank.
"This RCB acquisition is expected to be El Maniel's landmark
initiative in the African Continent as it indirectly maximizes and
expands the capabilities of the company's gold trading arm, EMLL
Mining Limited by gaining access to a reservoir of resources and
network of small-scale gold miners which eventually contributes
significantly towards the company's bottom-line" states Jamie Khoo
"In addition, Agona Rural Bank brings to the affiliation a large
array of banking and investment opportunities as well as a stellar
record of earnings and dividends growth and El Maniel concluded
that the acquisition presented an outstanding milestone towards the
collective benefits in favor of shareholders, customers, employees
and the community served".
El Maniel's effectively progressing activities that are also in
the Central Region of Ghana, at Bosomase - Upper Denkyira District,
is the Kumasko Project under Plot C and updates with visuals will
be released soon to highlight the work program carried out at the
25 acres alluvial gold mining site situated next to the scenic Ofin
river.
El Maniel is currently focused on prospecting, developing and
expanding the economic potential of world class mining claims
located in Ghana , West Africa and the company is committed to
shareholder's value creation by ensuring constant development of
current and new resources in the region. For further information
and updates on El Maniel, stay tuned to www.elmaniel.com
"SAFE HARBOR " STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995: The statements contained in this release which
are not historical facts are forward-looking statements that are
subject to risks and uncertainties that could cause actual results
to differ materially from those set forth in or implied by
forward-looking statements. These risks and uncertainties include
the Company's entry into new commercial businesses, the risk of
obtaining financing, recruiting and retaining qualified personnel,
and other risks described in the Company's Securities and Exchange
Commission filings. The forward-looking statements in this press
release speak only as of the date hereof, and the Company disclaims
any obligation to provide updates, revisions or amendments to any
forward-looking statement to reflect changes in the Company's
expectations or future events.
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CONTACT: El Maniel International, Inc.
Investor Relations Contact:
212-726-2179
IR@elmaniel.com
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