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Article Editor: Carly Zander
American Finance Buys Into Libya in Agreement with Lyamec Group
Houston, Texas - May 5, 2004 /Send2Press Newswire/ -- American Finance Corp.
announced that it has reached a definitive agreement with the Lyamec Group
(www.lyamec.com) in placing finance support and new cooperative efforts between
the two firms. American Finance Corp. is now offering opportunities to qualifying
individuals and or businesses in accessing more than 300 million dollars ($US) in
financially marketed products and services, such to include project financing, and
product purchasing into the Libyan market.
In a prepared statement by American Finance: "It is important that public outlays
focus on infrastructure projects. This will most benefit the Libyan economy in the
long-term. The Lyamec Group is the only clear and creative instrument to (enable)
opportunities for us and for our respected clientele. As such we have been obliged
to clearly see a complementary interrelationship."
The agreement includes an offering of a 20 percent stake at an estimated 3.5
Million dollars by American Finance in the Lyamec Group part in cash and part in
restricted securities. The agreement also calls to a reshuffle of the executive
level which will be announced after the closing date.
As previously announced in early April by The Lyamec Group, this comes as part of
a larger restructuring which ultimately led to the spin-off of the USLBC (US-
Libyan Business Council).
Source of News:
American Finance Corp. and Lyamec Corporation
Previous News from Lyamec Corporation (The Lyamec Group)
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