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Beluga Composites Signs Major Contract with Shell

23 April 2007

Beluga Composites has been selected to supply its underground FRP storage tanks to downstream pperating companies of Shell for the new service stations which they will be constructing in India, Pakistan and Indonesia.

""This agreement with Shell International Petroleum Company Limited is a major milestone for us, and clearly demonstrates that our leading edge UL/ULC certified tanks and manufacturing technology are now well accepted by the major players in the petroleum distribution sector,"" stated Mr. Dean Panofsky, CEO of Beluga Composites Corporation. ""We already have a strong presence in the Southeast Asia area supplying other major petroleum distributors and as a result of the rapidly growing demand we will be expanding our manufacturing capabilities in the region in the very near future. The potential for generating considerable revenues from these industrial markets is very exciting for the Company's future as the Asian market for underground storage tanks has been evaluated at over US$100 million per year.""





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