Tuesday, September 20, 2011

The first positive steps of the new administration amid the implementation of

Alapis restructuring plan

Alapis pursuant to the Group’s operational, organizational and financial restructuring aiming to best cope with the current crisis and recession, proceeded to the payment of a significant part of its recent balance overdue to the State amounting € 1.3 million while the remaining amount of € 0.8 million was settled, thus reducing the obligations in a very difficult and demanding period.

As a result having fulfilled all necessary preconditions, the Group proceeded to collecting receivables from State companies and organizations.

These actions constitute the first successful evidence of tangible implementation of the restructuring plan enforced by the new management of the Alapis Group, whose objective is to alleviate the current situation, enhance the Group’s core business and gradually turnaround to operating profitability.

The Director of Strategic Restructuring of Ronald Berger and CEO of Alapis, Mr. Nikos Mourkogiannis stated: "This is the first step in towards Alapis radical restructuring”.

For any further clarifications, please contact our Investor Relations department

Tel: +30 213 0175056

E-mail: ir@alapis.eu