Auscrete Inks US$135 Million Agreement with PN&N Enterprise for Construction of 1,500 Homes in Jamaica

Auscrete Corporation (“ASCK”), manufacturers of affordable “GREEN” housing built of their highly energy efficient hybrid concrete, announced Friday that it had signed an agreement with PN&N Enterprise Ltd., a Jamaican Consortium, for the construction of 1,500 homes, with a total value of US$135 million, on a number of Jamaican estates PN&N will acquire over 7 years. PN&N is a property developer in Jamaica and the construction agreement is contingent upon acquisition of land.

Auscrete will construct a manufacturing plant on the Island of Jamaica as early as later this year and start construction of the homes by early 2017, following completion of the first estate development.

Howard Mills, president of PN&N Jamaica, said that the homes will be between 1,100 and 1,500 square feet and typically be 3 bedroom detached single and two story, although there will be some multi-unit housing. He added that “Auscrete’s homes are a perfect fit for Jamaica. Concrete has been the main construction material here for many years and these advanced technology site built homes constructed by Auscrete are a perfect fit. They can be produced economically so they fall into the price range that lower to middle income purchasers can afford.”

“There is a vast shortage of housing in Jamaica and it gets worse year by year. The important thing was to keep the unit price under US$100,000.” Mr. Mills added.

John Sprovieri, Auscrete’s president said ”What a shot in the arm this is for Auscrete. These negotiations have been going on since October last year and it became apparent that Auscrete would be the manufacturer about a month ago after much due diligence by PN&N. This really validates Auscrete’s new high tech advancement in GREEN building construction for today’s affordable residential housing and commercial market.”


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