18th Nov 2005 07:00
Hot Tuna (International) plc18 November 2005 18th November 2005 Hot Tuna (International) PLC Acquisition of US Licence Hot Tuna (International) PLC (AIM:HTT) ("Hot Tuna" or "The Company") hasexercised its option to acquire a 51 per cent. controlling interest in the USmarketing and distribution rights for the Hot Tuna brand. The current licensee,Hot Tuna USA, LLC ("LLC"), has an exclusive licence in the United States ofAmerica and Mexico to use the intellectual property in the Hot Tuna logos todesign, manufacture, distribute and sell products bearing the logos. The development of the Company's North American business is a priority and thisacquisition gives the Company a more direct interest in the US, the largest surflifestyle market in the world. In the United States alone, the number of activeparticipants in the surfing and extreme sports market in 2000, was estimated atmore than 50 million with a market value of US$2.4billion. Commenting on the acquisition, Chief Executive Officer, Mr Tony Oxley, said: "The USA is a key market for the Hot Tuna brand. Hot Tuna USA LLC has been ableto create significant traction in the US market over the last twelve months. Ournew strategic relationship will trigger the process of maximising revenuethrough existing retail base as well as significantly expanding upon it. Ranjit Murugason, Non Executive Chairman, commented: "We are delighted with the joint venture opportunity, as it gives the Company adirect and controlling interest in the US market and allows the Company todevelop a more dynamic business model in the United States. We look forward toparticipating in the rapidly growing US surf lifestyle market and believe thatour joint venture interest will generate returns in addition to the royaltyrevenue from the original license agreement." - Ends - For further information, please contact: Hot Tuna (International) PLC Ranjit Nabarro Wells Parkgreen CommunicationsMurugason, Chairman Hugh Oram Justine Howarth / Victoria Thomas+44 20 7016 5100 +44 20 7710 7400 +44 20 7493 [email protected] [email protected] Notes to Editors Hot Tuna (International) PLC listed on AIM on 23 September 2005 (AIM: HTT). Itis the licensor, manager, marketer and owner of the Hot Tuna brand of surflifestyle apparel and accessories. The Company acquired the brand in June 2005and the surf lifestyle market includes: board shorts, t-shirts, hats, swimwear,backpacks and bags, surf hardware, eyewear, footwear and jewellery. As custodian of the Hot Tuna brand, the Company intends to control thedistribution, quality and marketing of its products on a global scale and ensurethat the best products are produced. The brand will be developed through theappointment of local licensees in individual countries that have the relevantexperience to develop and gain competitive advantage for the brand in their ownnational markets. The Company has exclusive licensees in Australia, NewZealand, the United States, Mexico and Canada. In addition, the company hasnon- exclusive licensing arrangements in a number of countries includingMalaysia, Singapore, Thailand, Korea and Japan. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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