SOURCE: Readen Holding Corporation

May 19, 2014 08:55 ET

Readen Construction Limited Signed Second Contract and Increases Work for the Hong Kong Government

HILVERSUM, THE NETHERLANDS--(Marketwired - May 19, 2014) - Readen Holding Corp.'s (PINKSHEETS: RHCO) (OTC Pink: RHCO) Hong Kong based subsidiary Readen Construction Limited, after signing the Term Contract of Alterations, Maintenance and Repair of Governmental Buildings in the Wong Tai Sin and Shatin areas on May 14, 2014 with the contract sum of HKD 60,000,000, the Company is pleased to announce that it has signed an additional contract from the Hong Kong Architectural Services Department (HKASD). The contract is an extension under the same series for the Yau Ma Tei and Tsim Sha Tsui areas, with the contract sum of HKD 55,000,000.

The two Term Contracts issued by the HKASD bring in a combined additional turnover of HKD 115,000,000.

In the coming three years Readen Construction will handle the electrical installations for in total four districts in Hong Kong. 60 - 80% of the work will be handled by Readen's experienced engineering team, 20 - 40% will be subcontracted to other well selected Licensed Electrical Contractors which passed the Readen's internal audit standards.

Readen Construction obtained those contracts not only because of its satisfactory job references, but also due to the introduction of European Services Management System, which emphasizes in technical accuracy, cost saving elements and efficiency, resulting in high quality work and shortened lead time.

Mr. G.R. Steenbergen, President of Readen Holding Corp. quote:

"With the two term contracts we signed recently, Readen Construction already exceeded its forecasted turnover for the period 2014 - 2016 and we are still in negotiation of additional Governmental contracts. By implementing our Services Management System into Asia and its success, we are committed and confident to keep on supplying professional work done and customer services at the highest level."

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