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MONTREAL, Sept. 12, 2016 /CNW/ - LGC Capital Ltd. (TSXV: QBA) ("LGC Capital") is pleased to announce that the Company's Canadian joint venture partner Groombridge Trading Corp (GTC) has signed a Letter of Intent (LOI) with Cuba's Empresa Agro Industrial Victoria de Giron (EAIVG), part of the Ministry of Agriculture, to work with them to assist with investment in the development and regeneration of the largest citrus producer in Cuba with the aim of increasing the country's citrus and juice production.
EAIVG is situated 130 kilometres east of Havana and the overall project covers some 120 square kilometres with 35,000 hectares under production and is the largest agricultural enterprise in Cuba.
EAIVG is not only the largest producer of citrus in Cuba and also produces substantial quantities of other fruits, vegetables, beef, pork charcoal and rice.
EAIVG is seeking new investment to increase the amount of citrus and juice produced for the domestic market and export under its own brand. New investment is required to increase planting, install irrigation systems, to import required inputs and update the industrial production of fruit juice and packing plants.
The 50/50 GTC/LGC Capital joint venture will work with and assist EAIVG access new investment funding and bring assistance to improve operational aspects such as growing and processing technology, marketing and exports.
Under the LOI, EAIVG and GTC state their intention to promote dialogue and understanding with the objective to develop the project for revitalization of citriculture at EAIVG and this LOI does not oblige the parties to conclude a formal agreement nor it is a legal binding instrument.
David Lenigas from LGC Capital and Chris Murphy from GTC, commented, "GTC has been negotiating with the Ministry of Agriculture (MINAGRI) on this project and on other agricultural development projects, which will hopefully receive formal approvals shortly to proceed to the next level. We look forward to working with our partners at MINAGRI to bring this important project to a successful conclusion."
About LGC Capital (http://www.lgc-capital.com)
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.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE LGC Capital Ltd
For further information: Company & Media Contacts, Canada contact: Rafi Hazan, Secretary and Director, Tel.: (514) 839-7234; London Office contact: David Lenigas, Co-Chairman and Chief Executive Officer, Mazen Haddad, Co-Chairman, 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]