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| Tuesday, 27 April 2004 |
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Misty Mountains Holdings reaffirms its commitment to Lanka Misty Mountains Holdings Limited progressed in its process of acquiring various tea industry assets in Sri Lanka. It was faced with adjusting to political developments. Misty Mountains Holdings remains firmly committed to its original business strategy, having observed the Sri Lankan election process and the subsequent changes in government. Alan Lipscomb, Chairman of Misty Mountains Holdings has brought to the attention of his various local and international business contacts and associates his admiration for the spirit of the Sri Lankan people as demonstrated by the enormous voter turn out. "As an American I have been ashamed by the dismally small voter participation every time the USA has an election. Though I had been told that the voter turn out would be high in Sri Lanka, I was overwhelmed by the reality of the voter participation. I knew then that this level of citizen participation spoke well for the future of Sri Lanka and that it would always be a place where I wanted to invest and help build for the future," said Alan Lipscomb. As the election approached, Misty Mountains Holdings made an internal decision to slow down the progress of its business plan and to observe the election process for a three-week period while the elections were held and the new government began to form. The company continued with basic negotiations and the formalising of agreements already identified. It reviewed its commitments to determine the effect of this slowdown and where necessary worked with affected parties to extend closing dates on agreements under a Force Majeure clause that allowed for such adjustments if national elections were called. Misty Mountains is now proceeding with the process by expanding, and has plans to restructure acquisitions into a set of Foundation Companies from which to launch its new international Sri Lankan tea firm. The underpinning of the Misty Mountains Holdings plan is its dedication to Product Stewardship of its Branded Products. The process will provide the world's finest quality tea and related products while building a Sri Lankan structure for social and economic growth. The consolidation of the foundation companies into an interdependent economic unit allows for substantial rates of return on lower distribution and marketing costs. |
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