"DELTA MECHANICAL EQUIPMENT AND INTEGRATED PROJECTS S.A." (the "Company") announces that the Board of Directors, in its 29.12.2006 session, decided both to absorb the non-stock market company "ΜΥΤΙLINEOS RENEWABLE ENERGY SOURCES S.A." (MRES) through a merger and according to the provisions of articles 69 and after of law 2190/1920 and articles 1 to 5 of 2166/1993, and the secession of the Company''s sectors: (i) construction of mechanical equipment, machines, and metal constructions, and (ii) integrated industrial and energy project construction, and their incorporation to the 100% non-stock market subsidiary of DELTA PROJECT S.A. "WESTERN GREECE TECHNICAL ENERGY DEVELOPMENT S.A." (WGTED) according to the provisions of article 4 of law 2166/1993 and all other relevant laws. The seceded sector of integrated industrial and energy project construction represents a percentage of more than 30% of the Company''s turnover according to last fiscal year. The above transformations were decided in the context of the Group''s general policy for economies of scale and individuation of the Group and subsidiary activities.
During the above session, the BOD decided to commence both the merging procedure of MRES by DELTA PROJECT S.A. and the secession of the above sectors of DELTA PROJECT and their integration to WGTED with a balance sheet transformation date 31.12.2006, to appoint sworn auditors which will assess the accounting value of MRES and the property of the seceded sectors, and independent financial institutions for the assessment of the property of the transormed companies.
The Company, after receiving the required approval from the relevant monitoring authorities, shall distribute an informative bulletin to the investors according to the provisions of the law.