ARX Aerobox

RNS Number:2918B
AeroBox plc
28 July 2004

28 July 2004



                         AEROBOX PLC AND WATERMARK PLC

                            Further re JV Agreement



Watermark Group PLC ("Watermark") and AeroBox PLC ("AeroBox") jointly announce
an amicable commercial settlement to the dispute between them over the joint
venture agreement. It avoids the distraction of litigation for both parties, as
well as recognising the important role that Watermark played in placing the
AeroBox air container into airline trials.

Watermark will be issued new ordinary shares in AeroBox equal to 7.5% of the
current issued share capital of AeroBox, and be paid an agreed marketing charge
by Aerobox, whilst receiving a commission on sales to four airlines for six
months.

Watermark's shareholding of 6,992,344 ordinary shares in AeroBox will represent
approximately 7.0% of the enlarged issued share capital, and is subject to
orderly market arrangements. AeroBox will make application for the 6,992,344 new
ordinary shares in AeroBox to be admitted to trading on AIM, and admission is
expected to occur on 2 August 2004. This share issue is based upon 10% of the
shares in issue at the time of the original joint venture agreement. The exact
details of the terms of settlement are confidential.

With the termination of the joint venture arrangements now mutually agreed, both
sides are satisfied that they can now move forward separately with their
businesses and put any differences behind them.


Enquiries:

AEROBOX PLC
David Sebire                        Aerobox plc                                   +44 1454 310 066
Richard Scott                       Aerobox plc                                   +44 7986 423 891


David Bick/Trevor Phillips          Holborn                                       +44 207 929 5599
Jonathan Wright                     Seymour Pierce                                +44 207 107 8000

WATERMARK GROUP PLC
John Caulcutt/Crispin Quail         Watermark Group plc                           +44 1489 897 800
Gemma Smith/Claire Melly            Tavistock Communications                      +44 207 920 3150




                      This information is provided by RNS
            The company news service from the London Stock Exchange
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