24th Jun 2008 07:00
Embargoed Release: 07:00hrs Tuesday 24 June 2008
International Brand Licensing plc (`IBL' or the `Company') Sale of Admiral Trademarks in Turkey
International Brand Licensing Plc today announces the disposal of the Turkish trademark registrations of its Admiral sportswear brand to local licensee, Diethnis Athlitiki, ("Diethnis") in return for a cash consideration of EUR 400,000.
Tony Hutchinson, IBL Chief Executive, commented:
`We are delighted to have concluded this transaction with Diethnis, our long term strategic partner in the eastern Mediterranean. Following previous disposals in Greece, the Balkans, and former Yugoslavian states, this completes our objective of converting assets in this largely unproductive region into cash. IBL will continue to build the licensing revenues of its brands but we will also seek further opportunities to strengthen the company's balance sheet.'
For further information please contact:
Tony Hutchinson +41 794 689 450
Adam Reynolds +44 (0)207 245 1100
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