Appointment of distributor
04 Setembro 2007 - 4:02AM
UK Regulatory
RNS Number:2236D
Hot Tuna (International) plc
04 September 2007
Press Release 4 September 2007
Hot Tuna (International) PLC
("Hot Tuna" or "the Group")
Appointment of Middle East Distributor
Hot Tuna (International) PLC (AIM:HTT), a lifestyle apparel brand with authentic
surf heritage, is pleased to announce that it has signed an agreement with
Sourcerite International Inc. ("Sourcerite"), a leading Middle Eastern
distributor. Sourcerite has been delivered a test order in June 2007, all of
which has already been sold, and the total agreement spans a period of three
years.
Under the terms of the agreement Hot Tuna will supply several lines from its
global ranges to Sourcerite, which will be sold through a number of stores
throughout the Middle East, including stores owned by Sourcerite themselves.
The agreement is for a significant quantity of merchandise, and will make use of
Sourcerite's many routes to market across the area.
The agreement also involves Sourcerite opening a number of Hot Tuna stores in
this region throughout the three year period. The first is expected to open in
Autumn 2008, and will be a 2,000 sq. ft. store in Dubai, situated in a high
profile and popular shopping mall. All of the costs of opening these stores will
be assumed by Sourcerite and will provide Hot Tuna access to a geographical
region in which it previously has had no exposure.
Niels Juul, CEO of Hot Tuna, commented: "I am extremely excited that we have
negotiated such an attractive deal with Sourcerite; not only does it give us
access to the Middle Eastern markets, where we have not been active in the past,
but the opening of a Hot Tuna store in Dubai will provide significant exposure
for the brand. We know that the brand has popularity in this region, and now we
are in a position to build on this with a strong partner who is a well known
operator in the Middle East. Sourcerite have been delighted by the sale of Hot
Tuna product this summer in Dubai. This is a large market with many
possibilities for Hot Tuna, and we look forward to exposing the brand to this
area."
- Ends -
For further information:
Hot Tuna (International) PLC
Ranjit Murugason, Chairman Tel: +44 (0) 20 7372 9378
ranjit_murugason@hottunaplc.com www.hottunaplc.com
Seymour Pierce Limited
Mark Percy / Parimal Kumar Tel: +44 (0) 20 7107 8000
parimalkumar@seymourpierce.com www.seymourpierce.com
Media enquiries:
Abchurch
Henry Harrison-Topham / Chris Lane Tel: +44 (0) 20 7398 7700
chris.lane@abchurch-group.com www.abchurch-group.com
Notes to Editors
Hot Tuna International PLC (AIM:HTT) owns the rights to the Hot Tuna brand, a
progenitor of global youth fashion, born in Australia with a heritage of
authentic surf culture.
Hot Tuna is one of the world's most iconic names in surf lifestyle and can trace
its roots back to 1969 when it was founded by a surfer and his fashion designer
wife. Though the label had not been actively marketed over for the last
decade, it retained an organic cult status among core action sports enthusiasts.
In June 2005, Hot Tuna International PLC purchased the 'Hot Tuna' brand from
Frontier International (Holdings) Pty Ltd, listed on AIM in September 2005, and
has since started to aggressively market the brand and reinvigorate the
business. The Company now owns all intellectual property rights to its name and
related iconography, and has put in place key management drawn from the
executive ranks of Von Dutch, Quiksilver, O'Neill and Ocean Pacific, among
others.
Headquartered in the UK, Hot Tuna operates design, marketing and distribution
hubs in the USA, Australia and the UK. In its core markets, Hot Tuna sells
products, which are directly manufactured in facilities principally in China.
Hot Tuna offices are maintained in Sydney, Los Angeles and London. For more
information, visit www.hottunaplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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