A&J: No Ties with Cycle Citi

NEWTOWN, Wales (13 September 2000) -- Yesterday, 12 September, Newtown, Wales-based A&J Europe Bicycle Manufacturing Ltd. sent out a press release to the trade pointing out that it "has not now or ever had any association, partnership or cooperation with Cycle Citi Corporation Ltd. situated in Bangor, northern Wales." Apparently rumors have been circulating that the wholly owned subsidiary of A&J Enterprise Ltd. of Taiwan is working together or planning to work together with Cycle Citi. In a recent conversation with Bike Europe Cycle Citi owner Aristos Hadji Petrou said that "there is plenty of room in the UK and Europe for two relatively small factories. I think we can even work together in the area of spare parts and components if a shortage situation should arise." It is not clear whether the rumor A&J Europe addresses in its letter has anything to do with Petrou's comment. In their letter, the directors of A&J Europe -- Jon Edwards and Jack Lee -- also point out that the company is financed through loan capital "from our parent company to the tune of US$2.5million in working capital, plant and machinery. We are more than adequately financed and are in the process of building an extension to our building to facilitate further expansion in our trading activities," they conclude. (OB)