Today, Wednesday 04.11.2004 the Extraordinary General Meeting of VARVARESSOS S.A. European Spinning Mills took place, with only subject the issue of Common Bond Loan of EUR 21.000.000.

The shareholders that attended the General Meeting represented the 70,5% of the share capital and they resolved unanimously on the following:
1. The issue of Bond Loan up to 21.000.000 ΕUR. The Bond Loan will be paid up in 5 years. The administration of the Bond Loan will be taken over by PIRAEUS BANK.
2. The Bond Loan will be used to finance the already existent Bond Loan of EUR 13.500.000 and as well company?s short-term bank liabilities.
3. The Board of Directors was authorized by the General Meeting, in order to settle the procedural subjects of the Bond Loan.

Consultant of the Bond Issue will be PIRAEUS BANK.

Information :
M. Lanara
Tel. 23320 52671
Fax 23320 52676
Email : varvaressos@alfanet.gr
http://www.varvaressos.gr