MNGS Mang.Bronze

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RNS Number : 5078M

Manganese Bronze Hldgs PLC

17 August 2011

MANGANESE BRONZE HOLDINGS PLC

Agreement with Geely International Corporation

17 August 2011

Manganese Bronze Holdings PLC ("MBH"), the leading manufacturer of the distinctive London taxi, announces the signing of an agreement with Geely International Corporation ("Geely") relating to the potential distribution in the United Kingdom of Geely's vehicles and spare parts, and the provision of after-sales service.

Under the terms of the agreement, MBH has been granted exclusivity to develop and agree a business plan with Geely covering all aspects of the potential launch of Geely products in the United Kingdom, and their ongoing after-sales support. MBH and Geely will establish a project team in due course to determine the scope of any future distribution arrangements.

Whilst it is the clear intention of both parties to agree the business plan, should this not be possible, the agreement will lapse on 1 August 2012.

Commenting on the signing of the agreement, John Russell, Chief Executive Officer said:

"The signing of this agreement is a further example of the growing relationship between MBH and Geely. We look forward to successfully establishing and agreeing the business plan for the launch of Geely vehicles into the UK and to the implementation of that plan."

For further information, please contact:

 
Manganese Bronze Holdings PLC 
John Russell, Group Chief Executive    02476 572108 
Tony Pearman, Group Finance Director   02476 572214 
 
Matrix Corporate Capital LLP           020 3206 7000 
Malcolm Strang / Robert Beenstock 
 
Financial Dynamics                     020 7269 7291 
Nick Hasell / Sophie Moate 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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