EUR400,000 sale and purchase agreement from Turkey

RNS Number : 3231D

Fox Marble Holdings PLC

26 April 2017

 

26th April 2017

Fox Marble Holdings plc

("Fox Marble" or the "Company")

€400,000 sale and purchase agreement obtained from Turkey

HIGHLIGHTS

·     €400,000 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 €4.4m

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 €400,000 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 €4.4m 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 Executive Officer	Tel: [phone]
Cairn Financial Advisers LLP (Nomad) Liam Murray/ Sandy Jamieson	Tel: [phone]
Brandon Hill Capital (Broker)
Oliver Stansfield (CEO)	Tel: [phone]
Yellow Jersey PR
Felicity Winkles Francesca Hillier	Tel: [phone] Tel: [phone]

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.

 

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