April 05, 2010
Regarding Recent Articles in the Press
In response to recent inaccurate media reports, the owners of FMN International Inc [“FMN”] draw the attention of journalists, editors and other persons interested in the company’s activities to the following facts:
FMN was formed on 8 September 1999 as a domestic US corporation. The shareholders were and remain its founder, Harry F. Eustace, sr. [“Mr Eustace”] and members of his family.
FMN is a C-corporation tax filer in the United States and its good standing is demonstrated by a certificate issued by the Delaware Secretary of State on 5 April 2010.
The company is a US-registered small business whose primary activity has been management consulting with a focus on facilitating US trade and investment with the Republic of Uzbekistan. FMN and Mr. Eustace have advised numerous public and private sector entities in Uzbekistan. A transaction list follows:
- Negotiation and arrangement of 200 million sovereign financing for B767 purchase based on US Ex-Im Bank support based on a Feasibility Study developed with US TDA support for the purchase of two Boeing 767-300ER passenger aircraft for Uzbekistan Airways;
- Renegotiation and rationalization of Uzbek Airways western fleet insurance arrangements after 9/11 in order to maintain compliance with the airline’s loan covenants;
- Negotiation of Interline Agreement for Uzbekistan Airways with Delta Air Lines;
- National Air Traffic Control network and flow control center at Tashkent Airport based on a satellite communications network built by California Microwave Navigation Systems, Inc.;
- Terrestrial and satellite backhaul revenue modelling studies for Uzbek Telekom with US TDA financial support;
- Feasibility Study assistance to Uzbek Telekom in the arrangement of bridge financing from the European Bank for Reconstruction & Development for a pre-privatization road show;
- Since 2001, Mr Eustace has been an adviser to Zeromax GmbH and briefly served as its president in 2004 and 2005. Projects completed for Zeromax include advice on structured financings for the Shurtan-Sherabad 86-km natural gas pipeline, the 64-km pipeline connecting Bukhara-Ural to theEastern Berdakh field and the 66-km section of the Gazli-Nukus natural gas pipeline; limited recourse project financing on the acquisition and deployment of gas compressor stations for the KokdumalakGaz; negotiations leading to the completion of sub-contract with U.S. Defense Logistics Agency (DSCP)Prime Food Vendor for the pre-positioned storage and distribution from Tashkent-based Muzimpex warehouse for the Karshi-Khanabad (K2) base; negotiations leading to the completion of Stock Subscription Agreement for the purchase of an equity interest by Zeromax in Oxus Gold Plc and to the completion of Convertible Loan Note transaction between Zeromax and Oxus Gold Plc.
In November 2008, Mr Eustace was elected chairman of the non-profit American Uzbekistan Chamber of Commerce (AUCC), a post in which he continues to serve. Since he assumed the role of chairman, AUCC membership has nearly doubled, based on the growing importance of Uzbekistan as a market for US goods and services and as a destination for foreign direct investment.
In 2009, FMN formed a subsidiary, FMN Logistics, with Harry F. Eustace, jr. as its CEO and whose shareholders are the Eustace family plus David O’Connor, a Canadian citizen.
FMN Logistics' prime mission is to serve the US Warfighter in Afghanistan by providing effective logistics solutions throughout the Central Asian Theater
Any allegation that either company is in any way owned or controlled by foreign interests are manifestly false.
Harry F. Eustace, Jr.
Chief Executive Officer
FMN Logistics
601 Pennsylvania Ave. NW
Suite 900, South Building
Washington, DC 20004
Office: +1-202-434-8906
Fax: +1-202-318-7724
info@fmnlogistics.com