Let's see. Digging a bit more I have found some more info that may be more in line with what you have. The following text is from a well-known kit car website:
"Joe Lamberti originally approached MG Rover with the idea resulting in board-level meetings with a view to making the project a sister to the MG SV, with the idea being to produce it in the same Italian factory (ex-Qvale) as the SV (formerly the Qvale Mangusta), and using Rover 75 running gear and engine, although ultimately it didn’t progress any further, mainly due to MG Rover collapsing in 2005. Hence the original 2006 launch onto the kitcar market"
