Grand Prix Sports Inc has signed a non-binding letter of intent to acquire all of the outstanding shares of privately held IFT International Inc.

"This merger will enable our company to expand its services worldwide and will permit us to identify opportunities, particularly in our licensing operations where access to additional financial resources may be required," said IFT International president, Antonio Maggioni.

IFT was set up in 1985 to assist European manufacturers with import and marketing requirements associated with selling their products into the US. The current focus is on premium products in the apparel, design and lifestyle industries.

Brands serviced include Jean Paul Gaultier, Moschino, Custo Barcelona, Alberto Ferritti. Clients include Neiman Marcus, Saks Fifth Avenue and Nordstrom.

IFT International has reported profitable operations over the last five-year period, and recently aggregate revenues for the fiscal year ended March 31, 2001 and the short fiscal year ended March 31, 2000 were around $63 million, while operating income for the period was around $14.4m.