Fox Marble signs distribution deal with US-based Pristine Stone
Kosovo and Balkans-focussed marble quarrying and finishing company Fox Marble announced on Thursday that it has signed a memorandum of understanding with Pristine Stone in New York.
The AIM-traded firm said the deal with the US-based natural stone importer and distributor would establish a new distribution outlet for Fox Marble products in the United States.
Under the three-year agreement, Fox Marble would take a 5% share in Pristine Stone for nil consideration.
Pristine Stone would act as a marketing, sales and distribution agent for the marble material produced by the company from its quarries in Kosovo and Macedonia.
The marble supplied to Pristine Stone would be cut and polished into slabs and tiles at Fox Marble's own facility in Lipjan, Kosovo, before being shipped to the United States.
In consideration, and subject to achieving minimum sales volumes of $1.5m over the three years as determined by Fox Marble, Pristine Stone would be granted priority rights to sell Fox Marble material in the US.
It would also be granted 750,000 warrants issued in equal instalments over three years at an exercise price of 2p over market price on the day of issue.
“This agreement builds on our strategy of increasing our global footprint as we continue to develop further as a fully integrated production, processing and distribution company of preeminent quality marble,” said Fox Marble chief executive Chris Gilbert.
“As such we look forward to working with Pristine Stone which, through our incentivised distribution agreement is structured to help deliver maximum sales penetration of our marble product into the American market.”