4th Sep 2007 07:01
Hot Tuna (International) plc04 September 2007 Press Release 4 September 2007 Hot Tuna (International) PLC ("Hot Tuna" or "the Group") Appointment of Middle East Distributor Hot Tuna (International) PLC (AIM:HTT), a lifestyle apparel brand with authenticsurf heritage, is pleased to announce that it has signed an agreement withSourcerite International Inc. ("Sourcerite"), a leading Middle Easterndistributor. Sourcerite has been delivered a test order in June 2007, all ofwhich has already been sold, and the total agreement spans a period of threeyears. Under the terms of the agreement Hot Tuna will supply several lines from itsglobal ranges to Sourcerite, which will be sold through a number of storesthroughout the Middle East, including stores owned by Sourcerite themselves.The agreement is for a significant quantity of merchandise, and will make use ofSourcerite's many routes to market across the area. The agreement also involves Sourcerite opening a number of Hot Tuna stores inthis region throughout the three year period. The first is expected to open inAutumn 2008, and will be a 2,000 sq. ft. store in Dubai, situated in a highprofile and popular shopping mall. All of the costs of opening these stores willbe assumed by Sourcerite and will provide Hot Tuna access to a geographicalregion in which it previously has had no exposure. Niels Juul, CEO of Hot Tuna, commented: "I am extremely excited that we havenegotiated such an attractive deal with Sourcerite; not only does it give usaccess to the Middle Eastern markets, where we have not been active in the past,but the opening of a Hot Tuna store in Dubai will provide significant exposurefor the brand. We know that the brand has popularity in this region, and now weare in a position to build on this with a strong partner who is a well knownoperator in the Middle East. Sourcerite have been delighted by the sale of HotTuna product this summer in Dubai. This is a large market with manypossibilities for Hot Tuna, and we look forward to exposing the brand to thisarea." - Ends - For further information:Hot Tuna (International) PLCRanjit Murugason, Chairman Tel: +44 (0) 20 7372 [email protected] www.hottunaplc.com Seymour Pierce LimitedMark Percy / Parimal Kumar Tel: +44 (0) 20 7107 [email protected] www.seymourpierce.com Media enquiries:AbchurchHenry Harrison-Topham / Chris Lane Tel: +44 (0) 20 7398 [email protected] www.abchurch-group.com Notes to Editors Hot Tuna International PLC (AIM:HTT) owns the rights to the Hot Tuna brand, aprogenitor of global youth fashion, born in Australia with a heritage ofauthentic surf culture. Hot Tuna is one of the world's most iconic names in surf lifestyle and can traceits roots back to 1969 when it was founded by a surfer and his fashion designerwife. Though the label had not been actively marketed over for the lastdecade, it retained an organic cult status among core action sports enthusiasts. In June 2005, Hot Tuna International PLC purchased the 'Hot Tuna' brand fromFrontier International (Holdings) Pty Ltd, listed on AIM in September 2005, andhas since started to aggressively market the brand and reinvigorate thebusiness. The Company now owns all intellectual property rights to its name andrelated iconography, and has put in place key management drawn from theexecutive ranks of Von Dutch, Quiksilver, O'Neill and Ocean Pacific, amongothers. Headquartered in the UK, Hot Tuna operates design, marketing and distributionhubs in the USA, Australia and the UK. In its core markets, Hot Tuna sellsproducts, which are directly manufactured in facilities principally in China. Hot Tuna offices are maintained in Sydney, Los Angeles and London. For moreinformation, visit www.hottunaplc.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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