Embargoed: 07:00, 10 May 2006
International Brand Licensing plc
Sale of Greek License
International Brand Licensing Plc ("IBL") announces the sale of its Admiral
trademarks for the territory of Greece and Cyprus to Diethnis Athlitiki Ltd
("Diethnis") for a cash consideration of £775,000.
Diethnis, the exclusive Admiral licensee for Greece since 1996, will pay a cash
sum of £700,000 on completion with £75,000 deferred until March 2007.
Tony Hutchinson, IBL Chief Executive, comments:
"Diethnis has invested heavily in the Admiral brand during their tenure as
Greek licensee, and has successfully built a network of 32 Admiral shops in
Athens and other cities. We are delighted to have reached an agreement with
Diethnis that generates a substantial gain for IBL, and leaves the Admiral
brand in their territory in secure hands for the future.
We are also in discussions with Diethnis with regards to a long term license
agreement for a neighbouring territory that we expect to conclude in the near
future. These combined agreements in the eastern Mediterranean reflect the ever
increasing value of the Admiral brand on a global scale."
Admiral is currently licensed in 22 territories worldwide, excluding Greece and
Cyprus.
The funds will be held on deposit and will be partly used to fund the expansion
of our growing cricket business, as the Company is currently experiencing
record demand for its official England Admiral replica kit. A trading update
will be given at the Company's AGM on Monday 15th May 2006.
For further information please contact
Tony Hutchinson
0041-79-468-9450
Adam Reynolds
0207-823-1733
IBL Plc