Result of AGM

Immediate release: 30 July 2004

                         International Brand Licensing                         

                           ('IBL' or the 'Company')                            

                                 AGM Statement                                 

At the Annual General Meeting of the Company held today all resolutions were
passed.

The Board made the following comments,

'Sales of both Admiral and Mountain Equipment products have been excellent in
the first six months of this year. Specific mention should be given of ASDA,
our new UK Admiral retail licensee partner, who have done an outstanding job in
developing their first Admiral collections, which were officially launched in
over 240 stores in May of this year.

The initial consumer reaction has been beyond expectations and, in recognition
of this, both IBL and ASDA are working hard in developing significantly
enlarged product ranges for launch later this year and throughout 2005. It is
our ultimate goal to establish Admiral at George and ASDA as the largest value
multi-sports brand in the UK.'

                                    -Ends-                                     

For further information please contact,

Adam Reynolds / Ben Simons

Hansard Communications

Tel. [phone]