MDI, Inc. (NASDAQ: MDII), announced today that FAS Construction Management, Inc. (FAS), a subsidiary of MDI, is involved in several notable construction projects across Mexico and South America. These projects, valued in excess of $526 million, include retail and entertainment centers, hotels, resorts, residential buildings and industrial warehouses.
FAS was selected by a large German bank, specializing in real estate and public finance, to provide construction risk management (CRM) services for two new retail centers in Mexico - Paseo Interlomas and Forum Buena Vista. FAS will perform:
Initial Project Review (IPR) to determine level of risk and completeness of construction contract documents and relative viability of construction pricing compared to market experience
Pay Application Review (PAR) to determine actual project completion and material costs compared to contractor progress billings, and
Full CRM services including direct management of all construction loan funding and disbursement of payments to contractors and suppliers.
Paseo Interlomas, located in Huixquilucan, Mexico and valued at $168 million dollars, is expected to finish in late December. This regional commercial entertainment center and hotel will include a food court, skating rink, bingo center, sports book, restaurants and a 15-screen cinema. The construction for Forum Buena Vista, located in Mexico City, D.F., Mexico and valued at $192 million dollars has an expected completion date of October 2008.
Additionally, FAS was selected by a large global property investment firm to provide CRM services for Icon Vallarta, a residential complex in Puerto Vallarta, Mexico. The $116 million dollar project is on a 3.5-acre site and contains three 26-story towers comprised of 336 condominiums with 7 ocean villas fronting the Pacific Ocean. The condominium’s expected completion date is August 2009.
FAS was also chosen to provide construction management advisor (CMA) services on the Los Cabos Airport project, located in San Jose, B.C.S., Mexico. FAS will assist the owner, one of the largest real estate investment companies in the world, with contract documents and selection criteria for architectural/engineering, general contractors and multi-prime trade contractors. Additionally, FAS protects the owner by analyzing bids and contracts for construction, administering the contracts, monitoring the construction schedule and collecting required documentation to process contractor pay applications. The airport reconstruction, including retail, light industrial warehouses and a proposed new hotel, is valued at $36.2 million dollars.
In the Caribbean, FAS has been selected to provide services for a leading global finance company at the Oyster Bay Resort on the island of St. Maarten. This resort project is valued at $14.1 million dollars and involves the demolition of twenty condo units and the subsequent construction of fifty-eight new condo units. Construction is projected to conclude in July 2009.
About MDI, Inc. (NASDAQ: MDII)
MDI, Inc., companies deliver security technology products, services and training for high-security government, commercial and educational markets as well as comprehensive construction management solutions on an international scale. MDI companies include:
MDI Security Systems™
FAS Construction Management™
MDI Professional Services Group™ (PSG) and
The LearnSafe Initiative™
For more information on MDI or its diversified line of products and professional services, please visit www.mdisecure.com.
Forward-Looking and Cautionary Statements
Except for historical information and discussions contained herein, certain statements included in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include a number of risks, uncertainties and other factors that could cause actual results to differ materially, as discussed in the Company's filings with the Securities and Exchange Commission.