Last checked at 5 Jan 2010 11:30
INTERNATIONAL BRAND LICENSING PLC SELLS STAKE IN ADMIRAL ASIA
("IBL" or "the Company")
International Brand Licensing Plc (AIM: IBL) announces that it has sold its 49% stake in the joint venture company, Admiral Asia Limited ("AAL"), to its existing partner, Rich Crest Group, for a cash consideration of £375,000. Included in the transaction are the Admiral trademarks for the Russian Federation.
Julian Baines, IBL's CEO, comments: "We are delighted to have completed this disposal following the recent announcement of the Company's new strategy to withdraw from the sporting goods industry and move into the in vitro diagnostics devices ("IVD") market place."
IBL will continue to sell off the remainder of the its worldwide sports IP assets, which will generate additional cash to invest in the Company's IVD growth.
Enquiries:
| International Brand Licensing plc David Evans, Non Executive Chairman Julian Baines CEO | Tel: 020 7823 1733 |
| Zeus Capital Ross Andrews Tom Rowley | Tel: 0161 245 1100 |
| Hansard Communications John Bick Justine James | Tel: 020 7245 1100 |