INTRACOM HOLDINGS SA, HELLAS ON LINE SA and the shareholders of Attica Telecommunications SA, namely Hellenic Technodomiki SA, J&P-AVAX SA, Pantechniki SA and Attikat SA issued the following statement:
1. The aforementioned companies have reached an initial agreement regarding the acquisition of 100% of Attica Telecommunications SA by HELLAS ON LINE SA at a price which will be decided after the ongoing due diligence.
2. INTRACOM HOLDINGS SA, owner of 100% of HELLAS ON LINE SA, has informed the shareholders of Attica Telecommunications SA of an initial agreement with Russia s ComStart SA to sell up to 51% of HELLAS ON LINE SA to ComStar following the acquisition of Attica Telecommunications SA by HELLAS ON LINE SA, through a capital increase paid in cash.
COMSTAR is listed on the London Stock Exchange, belongs to Sistema Group and is active in telecom services.
3. Shareholders of Attica Telecommunications SA miantain the right to participate in the new business entity in the future throughout further share capital increases of HELLAS ON LINE SA, payable in cash.
The initial agreements are expected to be finalised in November 2006 through legally binding documents, and are subject to approval by the authorities.
Attica Telecommunication SA s human resources, know-how and network infrastructure, together with the participation of a large and experienced strategic investor in HELLAS ON LINE SA s share capital, ensure quality services and a leading position as an alternative telecoms service provider with respect to infrastructure and growth potential.