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CoreTech has been awarded a contract from a non-profit housing group similar to Habitat for Humanity in central Mississippi for the construction of several hundred homes just south of Tunica, Mississippi, the gambling capital of the south, in Mound Bayou. The non-profit is currently purchasing the remaining tracts of land and should begin construction first quarter 2011, assuming the plant is completed to provide them the products necessary for their project. The value of this contract is $32M to CoreTech. The company is poised to be a major producer of housing in the tri-state area.  

Within 3 days of the horrible earthquake that devastated Haiti, CoreTech President Greg Quinn received a phone call from the funding group leading the humanitarian funding for the rebuilding of Haiti.  After weeks of consultation and negotiations, it was determined that CoreTech would be a major participant in the rebuilding efforts in Haiti.  CoreTech was the central figure in the award of a $300M USD project in Haiti, representing Phase 1 of a huge rebuilding effort.  The funding availability was announced in April, 2010; part of a $5.3B USD effort of US and International involvement in the reconstruction of Haiti.  CoreTech will be the major subcontractor to the 501c3 non-profit who are project managers of this effort.  It is anticipated that this project will begin sometime late second quarter of 2010.

For this project, CoreTech has agreed to develop a CoreTech factory in Haiti.  This factory will provide the products that will be used in the reconstruction efforts in Haiti.  The seismic-resistant products of CoreTech are highly-sought and therefore elected to be the chosen product for these Haitian rebuilding efforts.  CoreTech products will be utilized in roads, sewer systems, pipelines, building foundations, and in the development of some 1500 homes (Phase One alone), plus a School, Orphanage, Community Center, Retail Center, and Hospital.  The project site is identified right on the outskirts of Port-Au-Prince, Haiti.   

Due to political and socio-economic issues in Haiti, it is difficult to immediately go in and start construction of a CoreTech factory in Haiti.  Therefore, it has been determined that the initial products provided for the rebuilding efforts of Haiti will be provided via the CoreTech Mississippi factory.  Greg Quinn, CoreTech CEO & President, has been working closely with International Ambassador to Haiti and Africa OJ Webb in order to work through the political and other issues relevant to an operation in Haiti.

This project, encompassing 4 counties in southern Mississippi and Louisiana, the ones most significantly hit by hurricane Katrina, is a major rebuilding effort for the sustained future of these counties.  This project will consist of 4 projects among these four counties; one per county/province.  They will represent projects in Hamilton, Jackson, and Hancock counties in Mississippi, and in the New Orleans region of Louisiana.  Each project will consist of 4 new communities.  Each community will consist of a new storm-proof school, which will also function as a regional Disaster Recovery Center for the County, surrounded by several hundred storm-proof affordable homes.  The homes will be owned by a non-profit, and provided to Mississippi and Louisiana residents through the Section 8 housing program.  New roads and sewer systems, all built from CoreTech products as well, are also part of the project.  It is anticipated that this project will commence about the time the temporary facility is available in Gulfport, Mississippi.  It is likely to take 10 years to complete these four elements of this project.  As with the Haiti project, CoreTech International is brought in to provide the pre-cast cellular concrete building products out of the Mississippi factory that will be used in the development of this project.   

Even before the CoreTech Mississippi factory is operational, additional projects will be secured to provide even more long-term stability to the manufacturing organization.  It is already anticipated that this one factory, even after moving from a one-shift to a three-shift operation, will not nearly meet the market demand for CoreTech’s products in the region.  The site being secured by CoreTech in Gulfport is large enough to double the size of the factory as necessary over the course of the next few years to begin to meet market demand.

Five years after the most devastating hurricane in American history, Katrina, with over 81 Billion Dollars in damage, the need for housing is as strong as ever. Since Katrina, the area south of Jackson, MS, has been designated the “Go Zone”. The requirement for housing is still needed for approximately 25,000 housing units in south Mississippi alone, and in Louisiana the requirement is approximately 65,000 housing units.  

The Casino Board has issued 11 more Casino licenses to help offset revenue losses by the State. In doing so, the State has also extended the need for employee housing. The tax incentives for investors providing rental units is providing a great stimulus to development. The gain of accelerated depreciation of up to 50% the first year and an investment write off of up to $100,000 is getting serious investor attention. And, the rate of return considering mortgage costs (cost of money), the available incentives, and the overall cost of construction makes this the greatest real estate investment in the country today, especially considering the overall housing economy.  

The standard means of replacing housing in the area has been to provide a FEMA trailer.  As seen on TV, the 500 Sq. Ft. trailer with one door and two windows provides little room and very poor shelter in a storm. This trailer was spotted at a cost of $35,000 per trailer. After using the trailer for a period of a couple of years, they are now replacing them with a modular home called a Mississippi Cottage. The Mississippi Cottage was sold for $95,000 per unit for 800 Sq. Ft. This would make the total of approximately $130,000 dollars (not even including land) for essentially a temporary solution of nothing more than a trailer with wood siding. The government is in a tough position, as they need housing so desperately in the region, that they are compromising to provide housing which everyone is concerned the next hurricane could wipe it out once again placing the states in the same situation.

CoreTech can provide a home of approximately 1400 Sq. Ft. for approximately $120,000 all-in, with land, and able to withstand the potential weather events of the future. The other significant benefit to CoreTech homes is the decreased labor requirements. The availability of labor on the coast with all of the construction is very limited. The hardest trade to find is framing and people to dry-in. All of this is completed at the factory and transported to the field for erection in a panelized system. The time to have a weather tight shell is decreased from 30 days to 5 days, providing further savings on labor costs and time. Additionally, the CoreTech home provides the security of a storm-resistant product, fire-proof, and high-quality construction.  The beauty of the home far exceeds the trailer and pre-fab homes provided by FEMA.  And, the energy costs for the CoreTech home are expected to be less than one-fourth of the FEMA pre-fab homes.  Lower cost at construction, lower costs over time, the ability to withstand storms, quality construction, and beauty all make the CoreTech home the finest construction value in the region with the greatest need in America.   

CoreTech is regularly bombarded with requests for our products to service projects in North America as well as around the world.  Currently, additional projects are being considered in Canada, China, Indonesia, India, Saudi Arabia, Dubai, Africa, and other locations around the world.  CoreTech will not execute additional contracts until the availability for project delivery is in place.  Factories are being planned in MENA (Middle East-North Africa), Alberta Canada, and India to support projects being undertaken in those regions.