Re Agreement

RNS Number:5459L
Clipper Ventures PLC
27 May 2003


CLIPPER ANNOUNCE $1 MILLION SPONSORSHIP BOOST AND BUILD OF NEW FLEET OF YACHTS


Clipper Ventures plc ("Clipper" or the "Company"), the AIM listed ocean racing
company chaired by Sir Robin Knox-Johnston, today announced the award of a
landmark contract for the build of a ten-strong fleet of new, 68-foot yachts for
the Clipper 2005 Round the World Yacht Race. The contract is awarded to Shanghai
Double Happiness Yachts Ltd, a subsidiary of Shanghai Double Happiness Sports -
the only Chinese company to be an official supplier to the Olympic Games.


The new ten-strong fleet, from the drawing board of celebrated yacht designer Ed
Dubois, will be built in China and will start coming into service in 2004.


Also announced today is a sponsorship deal valued at $1,000,000, granting
Shanghai Double Happiness Yachts the rights to promote their yacht sales through
the Clipper 2005 race, which will set sail from the UK in the autumn of 2005 -
the single largest sponsorship deal negotiated by the race organisers to date.


Shanghai Double Happiness, one of the world's largest manufacturers and
distributors of sporting-goods, will show case the Dubois 68 at each of the
international ports on Clipper 2005, the longest of all the round the world
yacht races. Furthermore each Dubois 68 will be named after & sponsored by a
major international city, as the exciting city vs city, nation vs nation format
of the Clipper 2005 race takes shape.


Sir Robin Knox-Johnston and Mr. Huang Yong Wu, General Manager of Shanghai
Double Happiness (Group) Inc., today signed the contract at the Royal Thames
Yacht Club, Britain's premier and oldest sailing club. The agreement is as a
major business success for both parties. Double Happiness get to promote their
rapidly expanding boat-building capability around the world & Clipper get a top
quality fleet of yachts and a $1 million sponsorship fee. With 10 yachts and an
increase to 18 crew berths per yacht, Clipper are able to potentially increase
their revenue from crew fees by over 50%.


At 68ft long, the state-of-the-art boats are 8ft longer than the highly
successful Clipper 60s in use since 1996, yet they weigh two tons less.


Technically known as masthead cutters, the new yachts have a taller rig and
larger sail area. Longer hull, lighter construction and a greater sail area are
all vital factors which individually will produce a faster boat - put them
together and the effect is appreciable. The new Dubois 68s will provide their
amateur crews with the fastest round the world ocean racers in the
non-professional field.


The Dubois 68s incorporate all the lessons and ideas learned in more than 1.2
million miles of racing during the four Clipper circumnavigations run to date.
Whilst fast down wind, their taller masts and higher aspect ratio sail plan make
them very effective up wind and give an enhanced light weather performance. To
cope with the larger sails, aids such as coffee-grinder winches used on the
America's Cup yachts are being fitted.


Built to the latest Maritime and Coastguard Agency construction and safety
requirements, the latest electronics and communication technology will be
included as standard, providing everything from instant links with home to
computerised navigation and tactical information from satellites.


Each of the new yachts will race with an 18-strong crew and the increased
capabilities of the new boats have also allowed the introduction of a newly
challenging and ambitious route for the 2005 race.


In all, these new yachts are set to present the Clipper crews with an
unprecedented challenge, which has up until now only been available to hardened
professionals.


For further information, please contact:

Loretta Spridgeon

Clipper 2005 Press Officer

Tel: [phone]

Fax: [phone]

Mobile: [phone]

Email: [e-mail]

Website: www.clipper-ventures.com


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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