We were surprised to read yesterday's announcement of the Environmental Ministry that our company was fined for alleged pollution of the Asopos river.
In the best interest of the public and our shareholders the company states the following:
a)The company has not been assessed, up to date, any administrative fine.
b) The company operates under required permits for all processed effluent discharge into the river.
c) On October 10th 2007 the Authorities had performed a series of tests on the discharge effluents and results were submitted to the company on October 25th 2007.
d) The results conclusively prove that the effluent discharge into the river is well within regulations and limits of our environmental permits. Furthermore, the results specifically state that there are no "traces" or hexavelant chromium or any other hazardous substances.
Our company operates one of its factories in Inofyta, Viotias for the last 30 years with approximately 250 employees. The Group operates several factories within Greece, Europe and North America. Each factory operates under approved environmental permits and well within specified limits.
We believe that the alleged fine is questionable and the company reserves the right to pursue all its legal rights.