08 March 2005
8 March 2005
SUCCESSFUL OUTCOME OF GALAXY LITIGATION
The Directors of Umbro are pleased to announce that the Supreme Court of British
Columbia has completely dismissed the claims brought by Galaxy Sports Inc, the
former licensee of Umbro products in Canada and the USA.
In the Listing Particulars dated June 2004 reference was made to an action
commenced in the Supreme Court of British Columbia in October 2002 against Umbro
by Galaxy Sports Inc. The Directors stated that they intended to continue to
contest the claims vigorously and believed that the prospects of substantial
damages being awarded against the Group were very unlikely and on that basis the
Directors made no provision in the Group's accounts.
Umbro has always believed that there was no case to answer and the decision to
litigate and defend the claims has been entirely vindicated by the outcome.
The current Canadian licensee (RMP Athletic Locker Limited) who were appointed
in 2003 continues to perform well. An update on the USA business was provided
at the annual results last week.
Peter McGuigan, Chief Executive 0161 492 2114
Geoff Haslehurst, Chief Financial Officer 0161 492 2115
Brunswick Group LLP
Simon Sporborg / Dominic McMullan 020 7404 5959
Notes for the Editor:
Umbro is a globally recognised football brand with a strong heritage derived
from more than 70 years' association with the sport of football. Based in the
UK, where the Umbro business was founded in 1924, the Group designs, sources and
markets football-related products, which are sold in over 90 countries.
This information is provided by RNS
The company news service from the London Stock Exchange