METROELECTRIC PLC
("Metroelectric" or "the Company")
Termination of Agreement with The Brandsco Plc
On the 5th April 2011, Metroelectric PLC announced that Powabyke EV Ltd, its wholly owned subsidiary, had signed a conditional agreement with The Brandsco Plc ("Brandsco") for exclusive distribution rights within the USA. Due to issues surrounding the Company's rights to use the Powabyke brand in certain territories, the agreement with Brandsco has been terminated and the exclusivity fee of GBP100,000 has been reimbursed by the Company. Metroelectric continues to maintain a good relationship with Brandsco and the two companies are currently seeking ways by which they can work together in the future.
The Directors of the Company accept responsibility for the announcement.
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Enquiries:
Metroelectric Plc
+44 078 3018 2501
Greg Collier
Rivington Street Corporate Finance Ltd
+44 20 7562 3373
Eran Zucker