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| For Immediate Release - July 16, 2001 |
| Transglobal Hemp Products Corp. first primary processor of industrial hemp |
Victoria, British Columbia, Canada-based Transglobal Hemp Products
Corp. has taken a major step in becoming Vancouver Island's first primary
processor of industrial hemp products by forming a third party Venture
Capital Corporation.
With the creation of Island Hemp Investment (V.C.C.) Inc. as an investment
vehicle, Transglobal can now fully pursue its goal of raising $2 million
for the creation of a seed press mill in the Lake Cowichan area.
"With the money raised through this VCC, we will be able to build the
first of nine hemp processing mills on Vancouver Island," says
Transglobal president Brian Johnson.
Island Hemp Investment (V.C.C.) Inc. is offering two million shares at
$1 each through a private placement of sophisticated investors and corporations .
The details, such as minimum multiples of $5,000 and advantageous 30%
tax credits, are described in an offering memorandum prepared by Windsor
Law Group of Victoria. The VCC director is Mr. Cliff Dunajski, a Victoria
businessman and Transglobal director.
The seed press mill can be used in the processing of hemp products
such as food, clothing, building materials and food, Johnson says, noting
that the mill will be built from hemp wall board, hemp structural beams
and hemp concrete. Solar shingles will help ensure the building is
environmentally friendly.
"Clean mills will mean a healthier, self sustaining industry for
Vancouver Island and other coastal communities," Johnson says.
The funds are expected to be raised in six months or less and Johnson
says Transglobal won't proceed with building the mill until the
fundraising goals have been met.
The seed press mill will also serve as a tourist attraction to help
promote the hemp processing industry. Architectural renderings are now
being completed and the building will include a 60 person movie theatre,
viewing area, hemp coffee/tea shop, gift shop.
"It will not only be a working mill but a tourist attraction with our
goals to entertain, educate and inform the public," Johnson says.
The development of a seed processing mill can re-establish industry
on Vancouver Island and help build a strong economy, he says.
"The addition of primary processing mills on Vancouver Island leads
the challenge to develop a new sustainable resource industry based
on the most advantageous commodity in the world utilizing "empty barn
syndrome" and coastal communities seeking clean green industry,"
Johnson says, citing the wide range of industrial, food and cosmetic
products that can be derived from locally grown hemp.
Transglobal Hemp Products Corporation is the founder of a farming
cooperative that has grown several years of industrial hemp crops under
contract on Vancouver Island with seven years history of pioneering
hemp farming, hemp processing, hemp franchising comprising small
scale complete vertical integration.
Johnson has been developing the Transglobal concept from his Victoria
office with a new Cowichan Valley office opening September, 2001.
For further information, contact Brian Johnson at (250) 384-4873 or
fax -250-388-4873 or e mail at thpc@home.com
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