Fox Marble Holdings PLC 3 Year Agreement Signed with USA Distributor (5923N)
10 August 2017 - 4:01PM
UK Regulatory
TIDMFOX
RNS Number : 5923N
Fox Marble Holdings PLC
10 August 2017
AIM: FOX 10 August 2017
Fox Marble Holdings plc
("Fox Marble" or the "Company")
3 Year Agreement Signed with USA Distributor
Fox Marble, the AIM listed company focused on marble quarrying
and finishing in Kosovo and the Balkans region is pleased to
announce it has signed a Memorandum of Understanding with Pristine
Stone NYC LLC ("Pristine Stone") in New York, a natural stone
importer and distributor in the USA, to establish a new
distribution outlet for Fox Marble products in the United
States.
Under the three year agreement, Fox Marble will take a 5% share
in Pristine Stone for nil consideration. Pristine Stone will act as
a marketing, sales and distribution agent for the marble material
produced by the Company from its quarries in Kosovo and Macedonia.
The marble supplied to Pristine Stone will be cut and polished into
slabs and tiles at Fox Marble's own facility in Lipjan, Kosovo,
before being shipped to the United States.
In consideration, and subject to achieving minimum sales volumes
of US$1.5 million over the three years as determined by the
Company,
a) Pristine Stone will be granted priority rights to sell Fox
Marble material in the United States.
b) Pristine Stone will be granted 750,000 warrants issued in
equal instalments over three years at an exercise price of 2p over
market price on the day of issue.
Pristine Stone is a New York based importer and distributor of
natural stones, featuring the Kosovan marble sourced through Fox
Marble. The management has over twenty years' experience in the
stone industry including sales, fabrication, and installation.
Pristine Stone will serve as a primary distributor for Fox Marble
as the company looks to grow its presence in the United States with
a team that has the ability to sell this unique, high quality
marble into the largest end market for slabs in the world.
Pristine's founding principals Frank Kaloshi and Tim Seymour have
built a company that leverages the combined expertise of Mr.
Kaloshi in the high end marble market, and Mr. Seymour as a
well-known financial market participant, and long-time successful
investor in Eastern European companies focused in the materials
sector.
Chris Gilbert, Chief Executive of Fox Marble, said: "This
agreement builds on our strategy of increasing our global footprint
as we continue to develop further as a fully integrated production,
processing and distribution company of pre-eminent quality marble.
As such we look forward to working with Pristine Stone which,
through our incentivized distribution agreement is structured to
help deliver maximum sales penetration of our marble product into
the American market."
For more information on Fox Marble please visit
www.foxmarble.net or contact:
Fox Marble Holdings
plc
Chris Gilbert, Chief Tel: +44 (0)
Executive Officer 20 7380 0999
Cairn Financial Advisers
LLP (Nomad)
Liam Murray Tel: +44 (0)
20 7213 0883
Brandon Hill Capital
(Joint Broker)
Oliver Stansfield Tel: +44 (0)
20 3463 5000
Beaufort Securities
Limited (Joint Broker)
Elliott Hance Tel: +44 (0)
207 382 8300
Yellow Jersey PR
Felicity Winkles Tel: +44 (0)
7748 843 871
Notes to Editors
Fox Marble (AIM:FOX), is a leading low-capex global marble
production, processing and distribution company in Kosovo and the
Balkans region.
Its marble products, which includes Illyric White, Selene Grigio
and Etruscan Gold are gaining traction globally both to large
off-take/distribution companies and being supplied directly into
luxury residential properties, such as St George's Homes and
Capital and Counties Plc.'s Lillie Square development in the UK and
Point Piper in Sydney, Australia, touted to be Australia's most
expensive property. Underscoring the desirability of Fox's premium
marble products as the stone of choice in some of the most
prestigious and expensive residential developments around the
world.
In terms of production, Fox Marble has a 40 year mining licences
for six separate marble quarries with a maiden JORC resource
indicating an in-situ valuation of approximately Euro 16.5 billion.
Fox has taken three of the six sites into production (the Drini and
Maleshevë quarries, both in Kosovo and from the Prilep Quarry in
Macedonia) and continues to ramp up its operations. Notably, Fox
has access to over 300 million cubic metres (over 1bn tons) of
premium quality marble.
Marble demand continues to grow with stable pricing,
predominantly driven by the construction and real-estate
industries, on which Fox is looking to capitalise.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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