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27 Mar 2009 18:11
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Tanfield Group plc ("Tanfield"Β orΒ "the Company")
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27 March 2009
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Re US Joint Venture partner announcement
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Tanfield announces that its Joint Venture partner, Smith Electric Vehicles U.S. Corporation (SEV U.S. Corp), is today announcing plans to locate its new assembly plant for the manufacture of all-electric zero emission vehicles inΒ Kansas City,Β US. Production of the first vehicles is scheduled to begin in quarter 3, 2009.
The decision to locate the plant inΒ Kansas CityΒ would represent an initial investment of $10 million byΒ SEV U.S. Corp. In additionΒ SEV U.S. CorpΒ expects to receive close to $3 million in job training funds and other incentives from the state ofΒ MissouriΒ andΒ Kansas City.
Tanfield Group plc announced onΒ 6 February 2009Β that it had signed Heads of Terms with SEV U.S. CorpΒ to licence Intellectual Property Rights, brand and all existing sales and sales enquiries inΒ North America, in exchange for a 49% equity stake in SEV US Corp and per-vehicle royalties."
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The Tanfield Group PlcΒ
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+44 (0)845 1557 755
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Darren Kell, CEO
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Charles Brooks, FD
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Arbuthnot Securities
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+44(0)20 7012 2000
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Nomad and Broker
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James Steel/ Katie SheltonΒ
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