Investor Relations - News

Completion Of The Acquisition Of The Business Assets Of Adelaide Fuel Injection Parts Pty Ltd, Adelaide Fuel Injection Service Pty Ltd, And Rund Pty Ltd

Further to the Company's announcement on 20 August 2003, the Board of Directors of MTQ Corporation Limited ("MTQ" or the "Company") is pleased to announce that MTQ Engine Systems (Aust) Pty Ltd ("MTQES"), a wholly-owned subsidiary of the Company has on 24 October 2003 completed its acquisition of the business assets of Adelaide Fuel Injection Service Pty Ltd, Adelaide Fuel Injection Parts Pty Ltd and Rund Pty Ltd (collectively known as "AFI Group" or "Vendors") pursuant to the terms of the agreement dated 20 August 2003 made between the AFI Group, Donald Wilkey and Cheryl Joan Wilkey ("Wilkeys") and MTQES.

The cash consideration of A$5,977,633 ("Completion Payment") has been paid by MTQES to AFI Group on 24 October 2003.

The final consideration payable is subject to adjustments arising from the stocktake, payments made or received by the Vendors prior to the completion of the acquisition, apportionment of recurrent outgoings as well as provisions for employee leave entitlements.

Within 5 business days after the finalisation of the purchase price of the stock as at 24 October 2003, the Vendors or MTQES (as the case may be) will pay to the other the difference (if any) between the final consideration and the Completion Payment.