Manganese Bronze Holdings plc : Extension of agreement with Geely International Corporation

Manganese Bronze Holdings PLC ("MBH"), the leading manufacturer of the distinctive London taxi, announces the signing of an agreement with Geely International Corporation ("Geely") to extend by a further year the one-year agreement announced on 17 August 2011 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 original agreement, MBH had 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 have established a project team to determine the scope of any future distribution arrangements and remain committed to entering the UK market with a competitive and appealing product range backed up with an effective after-sales process.

Whilst it is the clear intention of both parties to agree the business plan and enter into a longer-term distribution agreement, should this not be possible, the agreement will lapse on 1 August 2013.

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

"The UK car market is one of the most discerning in the world and it is appropriate that we take the extra time this extension gives us to ensure that the final distribution agreement is a firm foundation for a successful launch.

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