Embargoed: 11:00hrs 18 April 2007
International Brand Licensing Plc
('IBL' or the 'Company')
IBL Assigns England Cricket Contract
International Brand Licensing Plc ("IBL") announces today that it has entered
into an agreement with the England & Wales Cricket Board ("ECB") and adidas for
an early termination of its Admiral kit sponsorship.
In return for an up front payment of £1.6m and a reduction in royalties to the
ECB for the twelve months to April 2008, IBL has agreed to an early mutual
termination of its kit supply to the England teams.
IBL, through Admiral, will continue to supply the England team and wholesale
licensed product on an exclusive basis throughout 2007 and up until 31 March
2008.
Tony Hutchinson, IBL Chief Executive, comments: "This represents a significant
transaction for IBL and refocuses the Group on its original core business of
licensing, its primary purpose when it joined AIM in May 2002.
We are very proud of our achievements in supporting English cricket over the
past five years, but with the exclusivity of our existing agreement ending in
April 2009, we are delighted to have concluded this positive transaction for
the company."
In thanking Admiral for its support during the last five years John Perera, the
ECB Commercial Director, comments: "Admiral has been an outstanding partner for
the ECB and the England team during what has been an unrivalled period of
success".
For further information contact:
Tony Hutchinson 0041-79-468-9450
Adam Reynolds 0207-245-1100
Romil Patel 020 7448 4400
Katie Ratner 020 7448 4400
Blue Oar Securities