Following the news earlier that e-bike brand AVE was applying for solvency, BikeBiz has been passed this statement, which we're reproducing in full:
"The ebike brand Ave has been acquired by Pantherwerke AG, Germany. All key personnel along with AVE Product development and sales activities will continue to work on the brand under its new ownership. All models will be manufactured in Pantherwerke's plant in Lohne, Germany and EBC Ltd's exclusive distribution agreement for the UK and Ireland will not change.
Commenting on the deal, Paul Stanforth, EBC's managing director, said: "This is good news for AVE and EBC. Pantherwerke is one of Germany's oldest bicycle companies having been established over a 100 years ago and has an excellent and well deserved reputation for producing quality, cutting edge bicycles. The new owners have committed significant resources to further developing the Ave band and its ebike models. Production will commence during March for delivery of ebikes ready for Easter. Ultimately our retail partners and end users will see further significant developments in this premium ebike brand keeping them firmly at the front of this fast growing sector and we will be showing some of the 2014 models at Core Bike Show later this month."