10th May 2006 07:00
Embargoed: 07:00, 10 May 2006 International Brand Licensing plc Sale of Greek License International Brand Licensing Plc ("IBL") announces the sale of its Admiraltrademarks 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 cashsum 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 asGreek licensee, and has successfully built a network of 32 Admiral shops inAthens and other cities. We are delighted to have reached an agreement withDiethnis that generates a substantial gain for IBL, and leaves the Admiralbrand in their territory in secure hands for the future.We are also in discussions with Diethnis with regards to a long term licenseagreement for a neighbouring territory that we expect to conclude in the nearfuture. These combined agreements in the eastern Mediterranean reflect the everincreasing value of the Admiral brand on a global scale."Admiral is currently licensed in 22 territories worldwide, excluding Greece andCyprus.The funds will be held on deposit and will be partly used to fund the expansionof our growing cricket business, as the Company is currently experiencingrecord demand for its official England Admiral replica kit. A trading updatewill be given at the Company's AGM on Monday 15th May 2006.For further information please contactTony Hutchinson0041-79-468-9450Adam Reynolds0207-823-1733IBL PlcENDINTERNATIONAL BRAND LICENSING PLCRelated Shares:
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