Replying to the letter from the Athens Stock Exchange as of 19/4/2007, which referred to the newly published articles on the completion of the sale of 51% of the shares of Elmec Sport SA, our Company, based on a relative letter from the main shareholders Sam Fais and Lucy Fais to the Board of Directors, states the following:
(a) The discussions of the above mentioned main shareholders of our Company with superior executives of Laskarides Group, on which our Company commented on 26/3 and 28/3/2007, have advanced to a satisfactory level.
(b) Up to now, none parameter of the project has been finalised, thus we cannot make any comment on the corporate and financial effects of it on our Company.
(c) The above-mentioned discussions wil come to an end within a reasonable short period.
(d) Both the Company and Athens Stock Exchange will be informed with no delay on the outcome of the aforementioned project.