SOURCE: MineCore International, Inc.

August 24, 2005 12:24 ET

MCIO Signs LOI to Acquire 49% in Aladdin Development & Construction

FORT LAUDERDALE, FL -- (MARKET WIRE) -- August 24, 2005 -- MineCore International, Inc. (OTC: MCIO) of Ft. Lauderdale, Florida, announced the signing of a Letter of Intent to acquire 49% of Aladdin Development & Construction Inc. ("ALADDIN") on a share exchange basis with an option to acquire the remaining 51%.

ALADDIN is a Civil and Electrical construction company based in Buffalo, New York, and operating throughout the State of New York for over 16 years. ALADDIN is a Minority/Women's Business Enterprise as certified by the New York State Department of Economic Development. Aladdin is also certified by the U.S. Department of Transportation, the New York State Office of Equal Opportunity, and the County of Erie/City of Buffalo Joint Certification as a Disadvantaged Business Enterprise (DBE). Additional certifications include the City of Buffalo Empire Zone/Greater Buffalo Area, Niagara Frontier Transportation Authority and the U.S. Small Business Administration as Small Disadvantaged Business and 8(a) Business Development Program which was extended to May 24, 2007.

Aladdin is listed under the Business Classification and Work Trades General Construction-Construction Manager for the following areas: Construction, Supplier Materials/Construction Supplies, Industrial Builders, Commercial, Residential, Demolition Construction and Culvert Construction.

NAICS Codes include Commercial & Institutional Building Construction, Highway, Street and Bridge Construction, Masonry Contractor, Roofing Contractor, Siding Contractor, Other Foundation, Structure and Building Exterior Contractor, Electrical Contractor, Plumbing, Heating and Air Conditioning Contractor, and Painting & Wall Covering Contractor.

The ALADDIN acquisition will provide synergy with the Electrical Unit of MineCore located in Syracuse, N.Y., strategically bidding for construction projects in the Upper New York State area. MineCore will supplement ALADDIN's management team to increase its backlog of contracts.

The Electrical Unit, a business unit in the Construction Division of MineCore, is an industrial and commercial electrical contractor, bidding and competing for electrical contracts utilizing union labor. Contracts have been awarded by commercial, industrial, educational and government clients. Projects include installing and upgrading electrical systems in large buildings, and modernizing manufacturing plants and universities to improve energy conservation.

"Combining ALADDIN's resources with ours will allow both companies to bid for larger projects and provide competitive bids with minority content," stated Jerry G. Mikolajczyk, MineCore's Chairman and Chief Operating Officer. "Our strength is experience and project control. ALADDIN opens doors for civil construction projects and will allow us to be competitive in bidding for contracts that require minority content."

"The partnership of Aladdin and MineCore will benefit the expansion and future growth of both companies and make it possible for them to bid, and if successful, participate in the millions of dollars of construction projects for schools, urban development, U.S. Government contracts, public works and community development projects that have already been allocated for the year 2005 and beyond in the greater Buffalo area and Erie County," stated Oscar F. Hernandez, Aladdin's President.

"Our partnership will allow ALADDIN to expand its electrical and civil operations domestically and internationally. ALADDIN will participate with MineCore in the construction of MineCore's camp and infrastructure facilities on the North Fork 14 Mining Project in Madagascar, slated for construction the latter part of 2005 and beginning of 2006," added Mr. Mikolajczyk.

The Letter of Intent is subject to several conditions including the following:

--  Execution and delivery of the Definitive Agreement approved by the
    Board of Directors of each Party;
--  Completion of the due diligence satisfactory to the Parties; and
--  Approval of the principal terms of the Transaction by the New York
    State of Economic Development, Division of Minority and Women's Business
    Development.
    
MineCore is a vertically integrated company focused on the exploration and exploitation of natural resources around the world. The company has operations in North and South America, Africa and the Indian Ocean Basin. The Company's mission is to successfully acquire and develop mineral properties, practice environmental protection and promote social and economic sustainable development.

MineCore has four divisions: Mining, Construction, Infrastructure, and Marketing. The Company has created or acquired strategic business units established as profit centers. They provide goods and services to industry, and support the Mining Division where local contractors and suppliers cannot provide adequate service.

This press release contains forward-looking information within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. For those statements, we claim the protection of the safe harbor for forward-looking statements provisions contained in the Private Securities Litigation Reform Act of 1995 and any amendments thereto. Such forward-looking statements by definition involve risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. In particular, there is no assurance that reserves, production, pricing levels or other factors pertaining to the mining and manufacturing operations will be sustained at the expected rates or levels over time. Discussions of factors, which may affect future results, are contained in our recent filings. Under no circumstances does this Press Release constitute an offer to sell or a solicitation of an offer to buy the securities of the company described in this Press Release in which such offer, solicitation or sale of securities would be unlawful prior to registration, qualification or filing under the securities laws of any jurisdiction.

Contact Information

  • For further information on this news release or on the Company, please
    contact:

    Jerry G. Mikolajczyk,
    Chairman and Chief Operating Officer
    Tel: 1-954-463-1417
    Fax: 1-954-728-8896
    E-mail: Email Contact