Elmec Sport S.A., in accordance to the L. 3340/2005, and decision 3/347/12.07.05 of the Hellenic Capital Market Commission, wish hereby to announce that the Board of Directors of Elmec Sport and the Board of Directors of the fully owned subsidiary companies "FACTORY OUTLET S.A." and "FACTORY OUTLET AIRPORT S.A.", jointly decided to start the procedures for the merger of the latter companies by Elmec Sport in accordance to the L. 2190/1920 and L. 2166/2003 and the current commercial legislation in general.
Pursuant to the above mentioned decisions, both absorbed companies must prepare a Transformation Balance Sheet, dated September 30, 2009.
The aforementioned merger will strengthen the financial position and the cash flows of Elmec and will allow for further synergies and economies of scale.
The aforementioned transactions are pending approval of the responsible authorities and it will not cause changes in the share capital of the Elmec.
In any case, with the signing of the final agreements for the above transactions, Elmec will proceed with the necessary announcements.