Antonov, the automotive technology company, has announced that it has signed a Distribution Agreement with Emporio International Sarl (‘Emporio’) giving it the exclusive right to distribute and commercialise the company’s AMM technology in the German market, which Emporio will do through a fully owned German subsidiary (GmbH).
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The agreement covers the resale of the Company’s 2-speed Supercharger Drive system to tuning companies and dealers and a sales agreement for Emporio to seek licensees for this and other AMM applications such as the 2-speed Front End Accessory Drive.
Under the terms of the Agreement, Emporio will pay a total of EUR2m over the next year and a half for the exclusive access to the German market.
The start of payments is linked to the satisfactory completion of the production testing which is scheduled to be complete in March 2007.
In addition to its existing contacts within the German performance and tuning sector, Emporio will make their own investment in developing the market through sales and marketing and investment in application engineering for the Antonov technology.
Mr Marius Ritskes, owner of Emporio, said: “I am excited by the potential of the Antonov technology in the tuning and performance sector but I also do see potential high volume applications for the technology with car manufacturers in Germany. Emporio will bring valuable additional market exposure to the Antonov technology.”
John Moore, CEO of Antonov plc, said: “We are delighted that our largest shareholder has shown his confidence in our products in this way. The distribution agreement facilitates entry into the premier European market for high performance products and provides valuable revenue to support our ongoing investment in the AMM products. The agreement is the conclusion of a lengthy period of discussion and evaluation of the technology.”
