EUROMEDICA S.A.

Announcement

Euromedica S.A., following the notice dated on 24/10/06 regarding the establishment of the company Euromedica of Eastern Attica S.A. notifies on the following:
Α. The Company has reached an agreement with the medical practitioners Mr Ant. Goumas and Mr. Kon. Louvros for the creation of a diagnostic centre in Pikermi, Eastern Attica, by a participation rate of 49% for the Company and 51% for the medical doctors. It is estimated that the total investment will amount to Euro 2,2 mil.
Β. The typical establishment of the company Euromedica of Eastern Attica S.A. was finally made on 6/12/06 and not on 17/10/06, as reported in a previous notification. The establishment of the above company was effected under the provisions of Codified Law 2190/20, of the Law 2214/94 and of the Presidential Decree 84/2001 and has already received all the provided formal approvals by law and the approval of the Medical Association.
C. The initial share capital of the above company amounts to Euro 120,000 and has been covered by 51% from the above medical doctors, who paid Euro 61,200 and by 49% from Mr. N. Liakounakos, who paid Euro 58.800.
Prior to the establishment of the company Euromedica of Eastern Attica S.A., Euromedica S.A. has drawn a purchase agreement, that subsequently was performed by the conclusion of a memorandum of agreement, based on which Mr. N. Liakounakos irrevocably undertook the obligation to transfer to Euromedica S.A., all his participation (namely 49%) in the share capital of Euromedica of Eastern Attica S.A., against a price equal to the one paid by him, namely Euro 58,800.
The above participation of Euromedica S.A. in Euromedica of Eastern Attica S.A., is implemented via a memorandum of agreement, in expectation for the issue of a judgment of the Council of State following the meeting session of its plenary, related to the validity of certain provisions of the Presidential Decree 84/2001 that had been deemed null and void as unconstitutional by the D' section of the Council of State, prior to the establishment of Euromedica of Eastern Attica S.A..