April 11, 2017 / 8:57 AM / 4 months ago

BRIEF-Erne Ventures signs MoU regarding sale of shares in Arrinera

April 11 (Reuters) - Erne Ventures SA and Arrinera SA:

* Both companies sign a memorandum of understanding (MoU) with a company governed by the Italian law

* The MoU concerns the sale by Erne Ventures all or part of its shares in Arrinera SA or the sale by Arrinera SA all the shares or organized part of the business of Arrinera Racing Ltd. (Arrinera Racing) and Arrinera Technology SA (Arrinera Technology)

* In addition, another MoU was signed between Arrinera Racing, Arrinera Technology and a company registered in Oman for the Arrinera car production technology transfer

* The companies from Italy and Oman are planning joint investments in the further development and production of Arrinera race cars and road 'supercars'

* There is an exclusive period of 90 days for undertaking full due diligence checks and agreeing the details of possible transactions

Source text for Eikon:

Further company coverage: (Gdynia Newsroom)

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