Jun 18 2010
WorldVest, Inc. (OTCBB: WOVT) announces that its subsidiary, Hurricane Global Resource Corporation (“Hurricane”), has executed two iron ore Supply Contract Addendums outlining final terms for the sale of 3,300,000 metric tons of iron ore to be delivered over the next 16 months for a total value of USD$475.5 million.
These contract addendums satisfy 27.5% of the original 12,000,000 metric ton per annum Purchase Agreement executed May 22, 2010, with Hurricane’s initial Chinese buyer.
Subsequently, WorldVest will narrow its operational focus toward the continued development of its global iron ore investment and trading business. As part of its transition, WorldVest will immediately divest its Banking & Advisory business, which is currently operating as WorldVest Financial, to The WorldVest Fund in a related party transaction. Moving forward, WorldVest will amend its name becoming WorldVest Hurricane Resources continuing its pursuit of opportunities to invest in and trade in-demand commodities and natural resources.
“In the third quarter of 2009, WorldVest was presented with an extraordinary opportunity to enter the iron ore trade and investment market in partnership with a number of large Chinese steel producers,” said WorldVest Chairman and Chief Executive Officer, Garrett K. Krause. “Accepting the challenge and recognizing the magnitude of the opportunity, we formed Hurricane initially as a wholly owned subsidiary. Today, as we rapidly approach the delivery of our first iron ore shipment, we are confident that the company and its shareholders are best served through the repositioning of our assets and the refining of our focus around investing in and trading in-demand commodities and natural resources.”