Fox Marble Holdings PLC EUR400,000 sale and purchase agreement from Turkey (3231D)
April 26 2017 - 2:00AM
UK Regulatory
TIDMFOX
RNS Number : 3231D
Fox Marble Holdings PLC
26 April 2017
26th April 2017
Fox Marble Holdings plc
("Fox Marble" or the "Company")
EUR400,000 sale and purchase agreement obtained from Turkey
HIGHLIGHTS
-- EUR400,000 sales agreement with Simsekler, a premier natural stone group in Turkey
-- First entry into the Turkish market and deliveries expected during 2017
-- Sales order book for 2017 now revised up to EUR4.4m
Fox Marble, the AIM listed company focused on marble quarrying
and finishing in Kosovo and the Balkans region, announces that it
has entered into a minimum EUR400,000 Sales Agreement with
Simsekler Mermer Company ("Simsekler"), one of Turkey's premier
natural stone groups to supply its IIIirico Selene and Sivec marble
product ("The Agreement"). Simsekler owns 9 marble quarries in
Turkey as well as 3 factories and 2 showrooms and warehouses
located in Ankara and Istanbul.
The Agreement, which will see deliveries completed over 2017,
marks the Company's first significant customer and entry into
Turkey and confirms Fox Marble's international expansion strategy
as it positions itself as a leading marble quarrying, processing
and distribution company in the region.
In light of this new agreement, the Company has increased its
estimate for its order book for 31 December 2017 to EUR4.4m which
it expects to be recognised as revenue in the financial year to 31
December 2017.
Further Information to the Sales Agreement
The Agreement was finalised following the satisfactory delivery
and completion of a sample order of three blocks of Illirico
Selene, which was paid for and shipped to Simsekler in February
2017. Simsekler returned to the quarry in April 2017 and selected
and paid for a further 21 blocks of Illirico Selene as well as 4
blocks of Sivec from the Company's Macedonian quarries together
totalling 330 tons which are being shipped to Turkey this month.
This forms part of the quantity agreed in the Agreement.
Fox Marble, CEO Chris Gilbert, commented: "This new sales order
marks our first move into the significant and potentially lucrative
Turkish marble market. This new relationship with Simsekler, we
believe, further underpins the commercial viability of our marble
and we look forward to working with Simsekler during the course of
2017 and beyond as we anticipate receiving further material
orders.
"It is significant that Fox Marble is able to supply marble to a
territory which is itself one of the major exporters of natural
stone and a testament to the quality and colour of the marble
within its quarries in Kosovo."
For more information on Fox Marble please visit
www.foxmarble.net or contact:
Fox Marble Holdings
plc
Chris Gilbert, Chief Tel: +44 (0) 20 7380
Executive Officer 0999
Cairn Financial Advisers Tel: +44 (0) 20 7213
LLP (Nomad) 0800
Liam Murray/ Sandy Jamieson
Brandon Hill Capital
(Broker)
Oliver Stansfield (CEO) Tel: +44 (0) 20 3463
5000
Yellow Jersey PR
Felicity Winkles Tel: +44 (0) 77 4884
Francesca Hillier 3871
Tel: +44 (0) 7708 400
470
Notes to Editors
Fox Marble Holdings Plc is an AIM quoted natural stone
extraction Company operating in Kosovo and the Balkans region, with
headquarters in the United Kingdom.
The Company has 40 year mining licences for six separate marble
quarries of which three are now in production and completed a
maiden JORC resource indicating an in-situ valuation of
approximately Euro 16.5 billion. Established in 2011, Fox Marble
has access to over 300 million cubic metres (over 1bn tons) of
marble of premium quality marble.
In addition, Fox Marble has rights to extract marble from two
further premium quality marble quarries, at Drini and at Malesheva
in Kosovo, which is in full production, and from the Prilep Quarry
in Macedonia which is also in full production and, one of only two
sources worldwide of the highly prized white Sivec marble.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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