ELMEC SPORT A.B.E.T.E.
Extension of the distribution agreement with Nike European Operations Netherlands B.V.
Elmec Sport announces the completion of the negotiations with Nike European Operations Netherlands B.V. for the extension of the exclusive distribution rights of Nike branded products in Romania and Bulgaria until May 31,2011.
Before the expiry date of this agreement, the parties will discuss about a possible renewal thereof.
The abovementioned activity accounts for 20% of the Group's turnover in Romania and 50% of the Group's turnover in Bulgaria, i.e. EUR 10.6 mn and EUR 5 mn respectively, according to the preliminary annual financial results of 2008.
Before the expiry date of this agreement, the parties will discuss about a possible renewal thereof.
The abovementioned activity accounts for 20% of the Group's turnover in Romania and 50% of the Group's turnover in Bulgaria, i.e. EUR 10.6 mn and EUR 5 mn respectively, according to the preliminary annual financial results of 2008.