El Maniel International Inc to Acquire 20% Stakes in Agona Rural Bank under its Rural Community Bank Acquisition Program
New York – February 11, 2011 - El Maniel International Inc (OTC: 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.
Contact:
El Maniel International, Inc.
Investor Relations Contact:
212-726-2179
PRESS RELEASE DRAFTED AND ISSUED BY: www.otcprwire.com
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