Flat Glass Industries Provides Operational Update

Date: 23 January 2008
Source: FGI
Following the placement to existing and new institutions of 3 million shares at $1.50 per  share in December the Company has undertaken the following initiatives to strengthen its  position in the glass industry:  Exercised a $1 option to convert a loan of $750,000 into a half-share of the land and buildings occupied by the 50% subsidiary Burnbridge Glass Pty Limited in  Newcastle.

The directors are of the opinion that the property is worth approximately  $2.8million.

 Commenced installation of a new glass tempering line at Burnbridge Glass and  transferred a used CNC glass machining centre from the company’s Moorebank  factory to expand productive capacity.

 Exchanged contracts for the purchase of a 16,000 sqm property at Dandenong in  Melbourne with a purchase cost of $3.2million. The buildings on this site will be  expanded and will be operated as a branch of Alternative Glass Supplies. The cutting,  tempering and double-glazing machinery for the site is being ordered and it is  planned that this branch will be fully operational for the whole of the 2009 financial  year.  The company wishes to thank the new shareholders for assisting in its expansion plans, and  especially recognizes those existing shareholders who raised their interests in FGI by way of  the placement.

600450 Flat Glass Industries Provides Operational Update glassonweb.com

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