Hot Tuna International acquires Australian licensee, makes appointments

03 Jul '06

2 min read

Lifestyle apparel brand with the piranha logo, Hot Tuna International Plc has announced the acquisition of the entire issued share capital of Hot Tuna Holdings Pty Ltd. It is part of the company's overall strategy of acquiring all the licensing rights in the Hot Tuna brand in its core markets.

London-based company, the surf clothing and accessories group, has entered into an unconditional contract to buy Hot Tuna Holdings Pty Ltd from MCU Pty Ltd ('MCU').

MCU assigned to Hot Tuna Holdings Pty Ltd, prior to this sale, its exclusive right and licence to use Hot Tuna trade marks and intellectual property in connection with designing, manufacturing, advertising, promoting, distributing and selling certain licensed products including apparel and accessories in Australia, New Zealand, New Guinea, Fiji, New Caledonia and Samoa.

Hot Tuna Holdings also has the non-exclusive right and licence with respect to the territories of Singapore, Hong Kong, the Philippines, Indonesia, Thailand, Malaysia, Tahiti, China, Japan and Korea. It will allot and issue 400,000 ordinary shares as payment for the licensee.

Ranjit Murugason, Chairman of Hot Tuna, said, "The acquisition of Hot Tuna Holdings Pty Ltd continues our strategy of gaining direct ownership over the Hot Tuna brand in key global markets.”

"Hot Tuna is now in a position where we have an extremely strong operational management team, hired from several of the world's major surf and youth fashion brands, with a proven track record within our industry," he added further.

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