Last checked at 9 Jul 2007 10:33
Parallel Media Group ("PMG" or the "Company") Representation Agreement
AIM quoted Parallel Media Group plc , the sports marketing, media and management company, announces that it has signed a representation agreement with Le Defi S.A.S ("China Team") to act as their sales agent for China's entry in the 2009 America's Cup.
Following PMG's successful role in introducing Chivas Regal as an official sponsor of the China Team for the 2007 America's Cup in Valencia, PMG have extended their commitment to the China Team for the 33rd America's Cup to be held in 2009. Under the agreement PMG will receive a commission of 10 per cent. of the gross proceeds paid by sponsors to the China Team introduced by the Company.
PMG has an established involvement with sport in China having, as promoters, taken the World Cup of Golf to China in 1995, and more recently being appointed the exclusive commercial partners to Mission Hills Golf Club, the world's largest golf club located in Shenzhen, China.
With a number of international brands currently sponsoring the 2007 China Team boat, (including Tag Heuer , Lladro and Chivas) PMG is confident that it can attract more Chinese sponsors to support the campaign.
David Ciclitira, Chairman of PMG, said "This exciting transaction further extends our strong working relationship with sport in China, whilst underlining our commitment to international sports. Having enjoyed an excellent relationship with the China Team in their historic first America's Cup campaign we look forward to working closely with them again in their quest for the oldest sporting trophy in the world".
Xavier de Lesquen, executive manager of the China Team, said "We are delighted to have signed up PMG as our sales agent for the 33rd America's Cup. With greater ambitions and an extensive program of activities planned in China throughout the campaign these are exciting times ahead for everyone connected with the China Team".
For further information:
Frances Quigley Jos Simson/Leesa Peters
Parallel Media Group Conduit PR Ltd
+44 20 7225 2000 +44 (0) 207 429 6603
f.quigley@parallelmediagroup.com +44 (0)7899 870 450
jos@conduitpr.com
Ross Andrews, Nominated Adviser
City Financial Associates Limited
+44 (0) 20 7090 7800
Notes to Editor
Parallel Media Group specialises in executive sports, aiming to connect lifestyle brands to global opportunities in this field.
Parallel Media Group's sailing history began with the first Heineken 'Whitbread Round the World Race' in 1993/4. In 1997, the Group entered into partnership with the Malaysian Government and created the Malaysian Challenge as a major and successful tourism initiative.
During 2006/7 PMG acted as consultants for Chivas Regal 12 premium Scotch whisky, developing and leveraging a sailing sponsorship strategy for the brand. Key platforms for Chivas have included sponsorship of the America's Cup China Team, Great Britain's double Olympic gold medallist Ben Ainslie and Asia's premier regatta, the 20th Phuket King's Cup in Thailand.
PMG are currently the promoters of the UBS Hong Kong Open, the TCL Classic in China and are the commercial partners to the Omega Mission Hills World Cup taking place in China from November 22-25, 2007.
PARALLEL MEDIA GROUP PLC