For immediate release 20th February 2012
TANFIELD GROUP PLC
("Tanfield" or the "Company")
New Joint Venture and investment at Smith Electric Vehicles Corp.
The Board of Tanfield is pleased to announce that at an event in Los Angeles, California on Friday 17th February, its US associated company, Smith Electric Vehicles Corp. ("Smith"), has signed a letter of intent with Wanxiang Group, a global leader in automotive parts manufacturing and supply. The principal terms include a $25M investment in Smith, which will form part of the Series D placing announced on 14 February, and up to a $75M investment for a joint venture to develop, manufacture and commercialize all-electric school buses and commercial vehicles for multiple industries in China.
Further information can be found on the Smith website: www.smithelectric.com
Further information:
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Tanfield Group plc |
0845 155 7755 |
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Darren Kell / Charles Brooks |
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WH Ireland |
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James Joyce / Nick Field, Nominated Adviser |
0207 220 1666 |
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Seb Wykeham / Ruari McGirr, Broking |
0207 220 1666 |
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Buchanan |
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Charles Ryland / Nicola Cronk / Catherine Breen |
020 7466 5000 |
ENDS
This information is provided by RNS