Antonov programme update

The board of Antonov plc is pleased to announce that its programmes with Zhejiang Geely Automobile Gearbox Co ('Geely') and Emporio International Sarl ('Emporio') to commercialise the Company's automotive technology are both progressing well and have started to generate revenues.

Emporio has the exclusive rights to distribute and commercialise the company's two-speed supercharger drive unit in the German market. Antonov expects to successfully complete durability testing in the near future, which will generate payments with Emporio having commenced active marketing of the product to key potential customers.

The six-speed automatic programme with Geely is running on time, and the release of production prototype drawings for manufacture is underway. The first cash payments due under the Agreement signed in January have been received. Geely have stated their commitment to the six-speed programme in their annual report, but have not yet announced their vehicle plans.

Following the success of the programme with Geely, Antonov is pleased to announce that it is in discussion with another automotive company for a second programme based around the Company's six-speed automatic technology.

In addition to these commercial developments, internal reorganisation work is nearing completion, with recruitment underway for a new technical centre in Warwick, which will streamline the development and implementation of the Company's planned production programmes.

John Moore, CEO of Antonov, said: “I am particularly pleased to be able to announce that we have started to generate revenue from the success of our projects with Geely and Emporio. This, in addition to our new UK technical centre, will underpin further growth. I look forward to updating shareholders on progress on both existing and new programmes in due course.”