Embargoed Release: 07:00hrs Monday 3 December 2007
International Brand Licensing plc
(`IBL' and the `Company')
Sale of Admiral trademarks in Eastern Europe
International Brand Licensing Plc today announces the sale of its Admiral
trademarks in a number of eastern European states to Diethnis Athlitiki Ltd
("Diethnis"), Admiral's licensee for Turkey. In return for a cash consideration
of £350'000 Diethnis has acquired the Admiral trademarks in the former
Yugoslavian states, Romania, and Bulgaria, having acquired the marks for Greece
and Cyprus in June 2006.
Tony Hutchinson, IBL Chief Executive, comments: "We are delighted to have
concluded this agreement with Diethnis, Admiral's partner in the eastern
Mediterranean since 1996. Diethnis has successfully built Admiral into a
mainstream sportswear brand in Greece, and we are pleased that the brand will
now be developed in these emerging markets.
"Historically Admiral has never derived any income from any of these markets,
so to generate a cash sum of this size represents an excellent transaction for
the Company. We will continue to seek opportunities to further strengthen the
company's cash position and balance sheet going forward."
-Ends-
For further details contact:
Tony Hutchinson: 0041-794-689450
Adam Reynolds: 0207-245-1100