Athens, April 23, 2002 (ALTEC GA) (AICr.AT) Within the framework of the Press Conference, held on April 23, 2002, for the assumption of the largest IT project of the Southeastern Europe relating to the computerization of the state petroleum company PETROM S.A., Altec announced its financial results of the first quarter of 2002, which presented an important improvement.

Turnover reached 39 million Euro, versus 33.9 million Euro in 2001. Operating results (EBIT) surpassed 6.5 million Euro versus 3.06 million Euro for the corresponding period of 2001. At the same time, as it was stressed out by the company's chairman Mr. Athanasoulis during the Press Conference, the financial figures for the total of the fiscal year, would be significantly improved compared to FY2001.

Mr. Athanasoulis referring to the project of PETROM, emphasized on the top-notch technologies required for its completion, since it constitutes a complex project of a large scale, which fully automates an enormous number of activities.

It is worth noting, that it is the larger IT project ever announced in the Balkan area. The appointment of ALTEC in a competition including large European IT companies, characterizes the capabilities of Greek companies, while at the same time indicates the dynamics and know-how of ALTEC in a continuously more competitive environment.

The company's chairman, while setting the business goals of New Altec, emphasized on activities both in Greece and abroad. The undertaking and elaboration of projects in all sectors of the Greek market, characterize the methodic and the correctly allocated activity of ALTEC. In particular:

In the Private Sector:
· SHELMAN
· PEPSICO
· KRAFT
· FIAT

In the Financial Sector:
· EUROBANK
· INTERAMERICAN

In the Public Sector:
· MINISTRY OF INTERNAL AFFAIRS
· MINISTRY OF EDUCATION
· NATIONAL STATISTICAL SERVICE OF GREECE
· HOSPITAL IN HAIDARI

In the Defense Sector:
· NATIONAL WEATHER SERVICE

The project of Larissa NATO Headquarters, as well as measurement and authentication certification systems in National Bank, Agricultural Bank and General Bank of Greece are in a delivery stage.
Finally, Mr. Athanasoulis announced the introduction of ACN in the provision of voice services sector.