Metroelectric Plc
("Metroelectric" or the "Company")
Exclusive Electric Bike Distribution Agreement
Metroelectric Plc a leader in the manufacture and distribution of electric bicycles and other electric personal transport, is pleased to announce that it has entered into an initial five year, exclusive agreement with Jinhua Xiongying Electric Vehicle Manufacturer Ltd ("Jinhua") to distribute its electric bikes, trikes and folding bikes in the UK and Eire. Jinhua manufacture a wide range of innovative electric bikes, currently known as eRolling Bikes. The agreement is subject to minimum sales achievement and gives Metroelectric exclusive distribution rights within the territory for all stock manufactured by Jinhua. eRolling Bikes currently have a showroom in the UK and stock available for immediate delivery. Metroelectric will market the range of bikes through their established base of Powabyke dealers.
Further information will soon be available on the Company's website.
Greg Collier, Chief Executive, Metroelectric, commented:
"The range of eRolling bikes will complement our current Powabyke brand and we are excited to now offer a wider variety of electric bikes in a growing market. Each brand has their own unique selling points and the availability of a complete range should benefit Powabyke and eRolling bikes, helping the Company develop its distribution base."
The Directors of the Company accept responsibility for this announcement
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Enquiries:
Metroelectric Plc
Greg Collier
Tel: 078 3018 2501
Peterhouse Corporate Finance
Eran Zucker/Fungai Ndoro
Tel: 020 7469 0934