Fox Marble Holdings PLC Sales to Turkey and United States (2932X)

TIDMFOX

RNS Number : 2932X

Fox Marble Holdings PLC

23 November 2017

23 November 2017

Fox Marble Holdings plc

("Fox Marble", "Fox" or the "Company")

Sales to Turkey and United States

HIGHLIGHTS

-- Further sales under the previously announced Agreement with Simsekler Mermer Company ("Simsekler"), a premier natural stone group based in Turkey

   --     First entry this year into the USA market for material processed in the Fox Marble factory 

Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region, is pleased to announce that it has made further shipments under its Agreement with Simsekler. To date, Fox has shipped more than EUR200,000 of marble to the company, as part of the sales Agreement for a minimum of EUR400,000, signed in April 2017.

Furthermore, the Company also announces today that it has shipped and received payment on an order from Granite Planet LLC ("Granite Planet"). Granite Planet, a company specialising in the wholesale, fabrication and installation of marble and granite, based in Michigan, USA., selected 230 sqm of marble slabs across Fox's entire collection following an inspection of the Company's newly operational factory and processing capabilities. The company, which is in the process of ordering two further containers this month, has indicated their intention to purchase a further six containers of marble prior to the end of 2017.

Fox Marble, CEO Chris Gilbert, commented: "We believe that the recent purchase of marble made by Simsekler clearly demonstrates and reinforces Fox's ability to satisfy large volume block agreements. In addition, the order placed by Granite Planet LLC is not only testament to the quality of marble products we are able to produce, but it also represents an important new sales channel for the Company into the United States, from which we anticipate future orders."

For more information on Fox Marble please visit www.foxmarble.net or contact:

 
 Fox Marble Holdings plc 
 Chris Gilbert, Chief Executive     Tel: +44 (0) 
  Officer                            20 7380 0999 
 Fiona Hadfield, Finance Director   Tel: +44 (0) 
                                     20 7380 0999 
 
 Brandon Hill Capital (Joint 
  Broker) 
 Oliver Stansfield                  Tel: +44 (0) 
                                     20 3463 5000 
 Cairn Financial Advisers LLP 
  (Nomad) 
 Liam Murray                        Tel: +44 (0) 
                                     20 7213 0880 
 Beaufort Securities Limited 
  (Joint Broker) 
 Elliott Hance                      Tel: +44 (0) 
                                     207 382 8300 
 Yellow Jersey 
 Georgia Colkin                     Tel: +44 (0) 
  Katie Bairsto                      7825 916 715 
                                     Tel: +44 (0) 
                                     7946 424 651 
 

Notes to Editors:

Fox Marble (AIM:FOX), is a marble production, processing and distribution company in Kosovo and the Balkans region.

Its marble products, which includes Illyric White, Illirico Selene, Grigio Argento and are gaining traction globally both to international wholesale companies as well as being supplied directly into luxury residential properties. In the UK these include among others St George's Homes and Capital and Counties Plc's Lillie Square development. In Sydney, Australia Rosso Cait, Alexandrian White and Breccia Paradisea marble have been used in what is expected to be Australia's most expensive property. These sales serve to demonstrate the desirability of Fox's premium marble products as the stone of choice in some of the most prestigious and expensive residential developments around the world.

Fox Marble holds 40 year mining licences for six separate marble quarries with a maiden JORC resource indicating an in-situ valuation of approximately Euro 16.5 billion. Fox has taken three of the six sites into production (the Drini and Maleshevë quarries, both in Kosovo and from the Prilep Quarry in Macedonia) and continues to increase production. Notably, Fox has access to over 300 million cubic metres (over 1bn tons) of premium quality marble.

Marble demand continues to grow with stable pricing, predominantly driven by the construction and real-estate industries, on which Fox is looking to capitalise.

This information is provided by RNS

The company news service from the London Stock Exchange

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November 23, 2017 02:00 ET (07:00 GMT)