RNS Number:3550L
AeroBox plc
21 May 2003


Date:          21 May 2003

Contacts:      Mike Edelson, Chairman, AeroBox plc                 020 7929 5599
               David Bick, Holborn                                 020 7929 5599


                                  AeroBox plc

               Watermark to market AeroBox airfreight containers

Watermark Group plc ("Watermark"), a leading airline industry support services
supplier, has agreed heads of terms to form a joint venture company with AeroBox
plc ("AeroBox"). Through the joint venture company Watermark will market and
supply airfreight containers produced by AeroBox subsidiary, Aerospace Composite
Structures ("ACS") to air carriers worldwide.

The first product to be marketed will be the AeroBox LD3 container, which is
made from a new composite material that is lighter, more durable and more cost
effective than the traditional aluminium alternative.

In return for providing its worldwide marketing expertise to the joint venture,
and access to its 150 airline clients, Watermark will receive sales commissions
and a marketing fee. Watermark will be able to exchange its share of the joint
venture for up to 12.5% of the share capital of AeroBox subject to the
achievement of certain performance targets by the joint venture.

Bob Bushman, Chief Executive of ACS, said: "This tie up will allow us far
quicker access to the global airline community than we had earlier envisaged
through a proven international sales force. It will bring forward our business
plan and allow us to focus on training, production and development."

John Caulcutt, Chief Executive of Watermark, added: "It is intended that this
project will further expand the range of services which Watermark can provide to
the airline industry. AeroBox has developed an exciting new technology with
significant potential cost reduction benefits for customers, with which we are
pleased to be associated."

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