MONTREAL and HAVANA, Cuba, April 24, 2017 /CNW Telbec/ - LGC Capital Ltd. (TSXV: QBA) ("LGC") is pleased to announce that its joint venture partner Groombridge Trading Corp. (GTC) has signed import agreement worth CDN $ 2.2 million for the delivery of construction equipment, spare parts, equipment and food, to be exported to Cuba under the previously announced 50/50 joint venture. The first delivery, under the terms of the agreement, must occur within 60 days and it includes equipment and spare parts.
LGC Capital will finance the opportunity and it is secured by a Tier One Canadian bank.
"Securing and executing this first contract is a tremendous achievement for the joint venture between LGC & GTC, as it seeks to rapidly grow its business," John McMullen, LGC Capital's CEO commented, "LGC & GTC work together to supply Canadian and third country products to the USD 15 billion Cuban import market at a time when the country is opening up to the world. As the Cuban economy Grows, the pipeline of import opportunities and the range of products that can be supplied are accelerating for GTC"
About LGC Capital
LGC Capital has significant investments and joint ventures in international companies with Cuban ties that are well positioned to grow with the Cuban economy. Sectors include the following: Oil and Gas, Sports Management, Consulting, Travel & Tourism, Events, TV & Film Production, Agricultural, Renewable Energy and Import & Export.
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SOURCE LGC Capital Ltd
For further information: please contact: Canada Contact: John McMullen, Chief Executive Officer, Tel.: (416) 803-0698, Email: [email protected]; London Office Contact: Anthony Samaha, Chief Financial Officer, Tel.: +44 (0) 20 7440 0640; Investor Relations Contact:Dave Burwell, The Howard Group Inc., Tel.: (403) 221-9015, Toll Free: 1-888-221-0915, Email: [email protected]