The industrial complex SUNLIGHT and the top German Company ATLAS ELEKTRONIK GmbH -α ΒΑΕ SYSTEMS company, signed an agreement of cooperation

Athens, 15th October 2003. A cooperation agreement on a global scale, exceeding initially 100 million euros and for a duration of over 10 years, was announced today, in a joint press conference, held by SUNLIGHT Industrial Complex belonging to GERMANOS Group of Companies and the German Company ATLAS ELEKTRONIK GmbH, one of the top companies in the world in the field of naval weapon systems.

The two companies shall cooperate in the development of battery systems for a new type of torpedoes, - based on the Silver-Zinc technology - by SUNLIGHT industrial complex. These torpedoes are used by ATLAS ELEKTRONIK GmbH, on a global level. According to the agreement these power systems shall be exported to over ten (10) countries (e.g. Germany, Spain, Portugal, South Korea etc.)

Furthermore, in order to meet the market's needs, SUNLIGHT industrial complex develops an ultra modern manufacturing plant in the region of Thrace. In its first stage this plant shall create 120 new working positions, with the prospect of increasing these to 200, a fact which shall provide an impetus to the development of Thrace and the broader region. The first delivery of batteries from this plant is expected to take place in the Spring of 2005, while the company has committed itself to develop new tech nology for torpedoes, based on lithium.

With a tradition going back over 100 years in the field of naval weapon systems, ATLAS ELEKTRONIK GmbH, a BAE SYSTEMS company (British Aerospace SYSTEMS), holds a 50% share of the world torpedo market. The German company cooperates with 16 Navies throughout the world - among which is the Hellenic Navy - and it has equipped these navies with over 1.700 combat and exercise torpedoes.

After signing this agreement SUNLIGHT industrial complex now constitutes one of the most important global industrial partners and holds a leading position in the production of torpedo batteries on a global level, both for the new DM2A4 torpedo of the company ATLAS ELEKTRONIK GmbH but also for the old type of torpedoes, SST4, SUT, DM2A3 etc. At the same time this cooperation shall reinforce the relations between SUNLIGHT and the Navies of the countries ATLAS ELEKTRONIK GmbH works with, targeting to the repl acement market for torpedo batteries as well.

John Young, Chairman of ATLAS ELEKTRONIK GmbH, spoke about this 'alliance' and declared that: 'To have GERMANOS as a strategic partner for our torpedo batteries strengthens our excellent market position'.

Apart from the transfer of valuable know how to our country, this collaboration shall provide multiple benefits to the whole of Greek industry, raising the SUNLIGHT Industrial Complex to one of the highest poles of development in the sector internationally.