Khot Completes Road Repair Project and Receives Payment
December 29, 2014
ULAANBAATAR, MONGOLIA — Khot infrastructure holdings Ltd. (CSE: KOT; “Khot” or “The Company”) is pleased to announce that its 75% owned Mongolian subsidiary AMZ LLC, following the successful completion of the previously announced 6-kilometer road repair project in Darkhan province, Mongolia, has received payment from the Ministry of Road and Transportation for MNT 1,300,000,000 (USD $698,000). This represents approximately 60% of the funds due from completion of AMZ’s initial road repair contract in Mongolia; the balance owing of MNT 900,000,000 will be paid to the Company at the expiration of the contractual holdback period.
Mongolia has 4,800 kilometers of paved road, much of which requires repair work, representing a total estimated market opportunity of $1 billion. In addition, the government is planning to construct 10,000 kilometers of new paved roads, representing an $8 billion market opportunity for total road construction.
Don Padgett, Khot President and CEO, commented, “The successful conclusion of this project provides management with a high level of confidence in the company’s ability to participate in this major growth opportunity provided by Mongolian infrastructure projects.”
About Khot Infrastructure
Our goal is to become the leading Mongolian transportation contractor and the preferred choice for employees, shareholders and partners. Our focus is on high margin contracts, such as highways and regional roads. Our mission is to provide badly needed infrastructure required by one of the world’s fastest growing economies.
For more information, please visit www.khot-infrastructure.com or contact:
President and CEO
1 760 485 7678
Sabino Di Paola
Chief Financial Officer
1 613 834 6513
Email: [email protected]
The CSE has in no way passed upon the merits of the proposed transaction and has neither approved or disapproved the contents of this press release.
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