Business
Sale of Greek License
Sale of Greek License.
About this update from Ekf Diagnostics Holdings Plc
[{"type":"text","content":"\n \nEmbargoed: 07:00, 10 May 2006\n\n International Brand Licensing plc \n\n Sale of Greek License \n\nInternational Brand Licensing Plc (\"IBL\") announces the sale of its Admiral\ntrademarks for the territory of Greece and Cyprus to Diethnis Athlitiki Ltd\n(\"Diethnis\") for a cash consideration of £775,000.\n\nDiethnis, the exclusive Admiral licensee for Greece since 1996, will pay a cash\nsum of £700,000 on completion with £75,000 deferred until March 2007.\n\nTony Hutchinson, IBL Chief Executive, comments:\n\n\"Diethnis has invested heavily in the Admiral brand during their tenure as\nGreek licensee, and has successfully built a network of 32 Admiral shops in\nAthens and other cities. We are delighted to have reached an agreement with\nDiethnis that generates a substantial gain for IBL, and leaves the Admiral\nbrand in their territory in secure hands for the future.\n\nWe are also in discussions with Diethnis with regards to a long term license\nagreement for a neighbouring territory that we expect to conclude in the near\nfuture. These combined agreements in the eastern Mediterranean reflect the ever\nincreasing value of the Admiral brand on a global scale.\"\n\nAdmiral is currently licensed in 22 territories worldwide, excluding Greece and\nCyprus.\n\nThe funds will be held on deposit and will be partly used to fund the expansion\nof our growing cricket business, as the Company is currently experiencing\nrecord demand for its official England Admiral replica kit. A trading update\nwill be given at the Company's AGM on Monday 15th May 2006.\n\nFor further information please contact\n\nTony Hutchinson\n\n0041-79-468-9450\n\nAdam Reynolds\n\n0207-823-1733\n\nIBL Plc\n\n\n \n\n\n \n ","length":2028,"tagName":"div"}]