"CON. CARDASSILARIS & SONS S.A DRIED NUTS INDUSTRY - CARDICO", after yesterday's presentation at the Association of Institutional Investors (UGII - ETHE) and the subsequent Q&A session with the participating analysts, wishes to inform the investing public on the following:
Within the framework of realizing its strategic goals set for 2007 that is the expansion and growth of its activities and the optimization of its operating cost, the group's management has approved a Euro 1.9 million capex plan, which is already been filed for subsidization under act 3299/04, which will be eligible for subsidies up to Euro 570,000.
The group also plans, as is already mentioned in Note "6.3 Investments in affiliated companies/ Assets available for sale/ Short Term receivables from affiliated companies" in the group's first quarter 2007 Financial Statements under IFRS which are already published, to sell its participation in KARDALCO S.A (TURKEY) and is in talks with the management of the Turkish company for the sale of its participation within 2007.
The group also plans to sell the real estate where the old plant was located on Orpheas str., and is estimated at approximately Euro 9 million. In addition the group plans to sell the real estate of the company n Moldavia, which is estimated approximately at Euro 1.3 million. The disposal of all these assets will not affect the group's normal flow of operations as these are non-core assets and are not used in the group main activity, and the proceeds will be used to reduce the company's obligations. The company will update the investing community when each deal as it finalizes.
Finally, the group wishes to inform investors of its decision to reactivate operations of the plant in Georgia (and not in Russia which was mentioned in an article) as a part of its strategic goal to expand its operations.