New footwear factory launched in Ventspils

Jan 20, 2000

Fjodorovs said that it will be one of the most modern footwear
manufacturers in Eastern Europe, in terms of both technology and
equipment.

Initially, 30 to 40 workers will work at the enterprise, with the
number growing to 150 at the beginning of next year when the nominal
production volume is to be reached - 1,500 shoes per shift.
Operations will be organized in two shifts, effective 2001.

The company's production will be exported to the European Union, the
United States and Canada. Local distributors will also be able to
purchase the "VentTopaz" production. Fjodorovs noted that Ventspils
Free Port regulations stipulate that the enterprise can sell up to 20
percent of its production in Latvia.

VentTopaz is a Latvian-Canadian joint venture. Its share capital
totals $4,600,000, consisting of ordinary shares with voting rights
only.

The Ventspils City Council has invested $300,000, or 6.5 percent of
the company's share capital, into VentTopaz.

Latvian shareholders of the enterprise are the joint-stock companies
Nafta Holding ($600,000 or 13.1 percent of share capital),
Ventbunkers ($500,000 or 10.9 percent), Kalija parks ($900,000 or
19.5 percent), Ventamonjaks ($500,000 or 10.9 percent), the Ventspils
City Council, and Canadian shareholders ($1.8 million or 39.1
percent).

Canada is represented by the firm Topaz Shoe Manufacturing Ltd. of
Toronto, founded in 1976, and is a medium-sized maker of men's and
women's footwear in North America.

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