In reply to letter # 7/04.01.2010 sent by Greece's Capital Market Commission regarding financial Press reports dated 31.12.2009 and 01.01.2010, in relation to the contract for the construction of a football stadium in Poland in which our Company participates through a consortium, J&P-AVAX SA issues the following comments:
. J&P-AVAX SA participates with a 48.52% stake in the consortium whichsigned on 14.04.2009 a contract worth a total of ?142.9 million with a 21-month deadline for the construction of a football ground in Wroclaw, which will be used towards the European Football Championship "EURO 2012"
. On 30.12.2009, the Client ("Wroclaw 2012") informed the members of the construction consortium through a letter of its intention to terminate the signed contract, citing delays in the execution of works relative to the agreed time schedule which in its opinion put at risk the delivery of theproject in time for "EURO 2012"
. The construction consortium which our Company participates in does not agree with the intention of the Client to "terminate the contract due to delays", given that the delays observed in the execution of works are usual, especially at the early stages of construction of projects of this size and nature
. Our Company offers the Client solid guarantees for the agreed time frame. It should be noted that our Company has a strong track record and expertise in delivering large scale sports infrastructure towards the Athens Olympic Games, which also presented substantial delays early on.
. The construction consortium is already in talks with the Client to resolve the issue and continue with no interruption the execution of the contract, which is scheduled to be completed in early 2011
We will duly inform the investment public and the market authorities on any developments and changes in the afore-mentioned conditions.