PRESS RELEASE - Memorandum of Understanding

Tue, Jul 8th, 2014

Aventas Manufacturing Group Ltd announced today, that following detailed negotiations, a Memorandum of Understanding has been signed with QBRC Ltd and Endless LLP, in respect of the planned sale of the Group's Packaging and Construction Industry Supplies (CIS) businesses.  The businesses in question are located mainly in Derrylin Co. Fermanagh and Ballyconnell Co. Cavan. Aventas will continue to own and operate its glass, plastics and radiator businesses.

Whilst there is no certainty that a transaction will be concluded, both parties have entered a period of exclusive due diligence and are committed to completing the transaction late in the third quarter of 2014.

Commenting on the proposed sale, Paul O'Brien, CEO of Aventas Manufacturing Group said "We are pleased to have reached an agreement in principle with QBRC and Endless LLP. We wish them every success and look forward now to focusing on our remaining business and realising further value for our investors."

Liam McCaffrey, CEO of QBRC commented, "We are delighted to have reached an agreement with Aventas for the acquisition of the CIS and Packaging businesses and are excited with the prospect of returning to these businesses that we have previously worked in and managed. We will work with Aventas to facilitate stability in the local community that will enable Aventas to achieve its corporate objectives."

- Ends

Editors' Notes:

1. Endless LLP is a UK based private equity investor
2. QBRC Limited is a collaboration of local business people and certain senior managers of the former Quinn Group