Top Form Nixes Ace Style Deal

Top Form International Limited, the largest original equipment manufacturer of brassieres in the world, announced it has terminated the transactions discussed by the share acquisition agreement with Ace Style International Limited regarding the sale and purchase of Ace Style Intimate Apparel Limited and three of its subsidiaries.

Ace Style designs and manufactures women's lingerie while observing "the ethics of Christianity, humanity and environmental responsibility" said Ace Style Intimate Apparel’s CEO and chairman.

According to Top Form, in light of the recent developments in the global credit and financial market, along with the expected adverse consequences on the world economy, both companies are in agreement that it would be "prudent and in the interests of both parties to terminate the share acquisition agreement."

"We will continue to work with the sale group companies to explore areas of commercial collaboration to their mutual benefits, including the possibility of the company as a potential investor in any or all of the sale group companies under new terms," said Willie Fung, chairman of Top Form.

The termination of the agreement went into affect starting November 24th.

Top Form International's major U.S. customers include: Vanity Fair, Maidenform and Warnaco, which accounts for 74 percent of the company's total sales turnover. In Europe their accounts consist of: Etam, VDV, Ladyberg, Hunkemoller, Tchibo and H&M, which accounts for 16 percent of the total sales turnover. The last 10 percent is from Japan, Austria, New Zealand and other countries.

For further information, contact Anne Pang at anne.pan@collegehill.com.hk or Maggie.chui@collegehill.com.hk.