Update to Antonov Option Agreement with Great Wall Motor Company Limited

1/26/2006, 8:44 AM (Source: GlobeNewswire)

Following the announcement on the 9 January 2006 that it had granted
an Option Agreement to Great Wall Motor Company Limited ("GWM"), the
Board of Antonov plc, the automotive technology company, is pleased
to provide additional information relating to this Agreement.

Under the terms of the Option Agreement, GWM may, at any time prior
to the expiration of the six month period, enter into a Licence
Agreement for the Company's six speed automatic transmission
patents. The terms of the Licence Agreement will be negotiated
reasonably to the satisfaction of GWM.

During the period of the Option Agreement, Antonov will work with
GWM to create a full business plan for the transmission development
and production launch. Antonov will also create transmission designs
to GWM's specifications.

GWM is one of the largest pick-up truck and SUV manufacturers in
China. It currently has production capacity for 170,000 vehicles and
200,000 engines a year at its state-of-the-art facility in Baoding.
In its last reported full-year figures, revenue was RMB
3,184,614,000. Profit before tax was RMB 552,969,000.

Mr Wei, Chairman of GWM, commented:

"We are very pleased to have this opportunity to strengthen our
involvement with Antonov and the Company's six speed automatic
transmission patents. The collaboration is of great significance to
both parties."

John Moore, CEO of Antonov, commented:

"As already announced, this is a significant step towards the
production application of our six speed automatic transmission
technology. The sale of the Option will facilitate our support for
GWM and demonstrates their commitment to develop an independent
transmission manufacturing capability in China. As a profitable and
independent manufacturer, they are uniquely placed to progress this
opportunity rapidly and effectively."


Antonov plc
John Moore, Chief Executive + 44 1223 421 740

Dawnay, Day Corporate Finance Limited
Jonathan Garbett/Rod Venables + 44 20 7509 4570

Shane Dolan + 44 20 7448 1000
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