ALAPIS SA announces that within the framework of the Group's restructuring and in order to fully comply with the activity objectives of the Group and in its effort to exploit economies of scale, will proceed to the following actions:
A) It will merger through absorption its 100% subsidiary PNG GEROLYMATOS SA according to the provisions of the articles of C.L. 2190/1920 and L. 2166/1993.
Pursuant to the decisions of the Board of Directors of the aforementioned companies dated 29/06/2009, it is announced that they intend to proceed with the merger and the date of the transformation balance sheet of the absorbed company is set to be 30/06/2009.
B) It will establish the company GEROLYMATOS ANIMAL HEALTH and
C) It will establish the company GEROLYMATOS COSMETICS.
Moreover, ALAPIS SA announces that on June 29, 2009 the company proceeded to acquiring 100% of "GEROLYMATOS PRESTIGE SPA S BEAUTY SALON SA" for the amount of euro 1.25 million.
"GEROLYMATOS PRESTIGE SPA S BEAUTY SALON SA" operates two deluxe facilities in the Kolonaki and Kifissia areas where it offers a diverse line of facial and body therapies using the LA PRAIRIE products that Group is exclusively representing.
"GEROLYMATOS PRESTIGE SPA S BEAUTY SALON SA" employees 27 people while its projected sales for fiscal years 2009 and 2010 are expected to amount euro 1.4 million and euro 1.8 million while EBITDA is expected to amount euro 0.2 million an euro 0.35 million respectively.