INTRALOT S.A.
Announcement
In relation to publications regarding the initiation of prosecution against INTRALOT's executives for instigation to breach of trust, an offence for which former executives of OPAP SA are accused, the Company announces and clarifies the following:
The filing of the charges is the result of a complaint filed in September 2010 by GLORY TECHNOLOGY LIMITED, a company based in Cyprus, in the context of litigation proceedings against OPAP SA pursuing the recognition by OPAP SA of a right of first refusal for the procurement of technology solutions to OPAP SA against all other technology providers of the sector. It has to be mentioned that GLORY TECHNOLOGY LIMITED, that has a personnel of ten persons, has not participated until now to any technology tender issued by OPAP SA or any other lottery worldwide.
As it is well known, in Greece, the initiation of prosecution doesn't amount to evidence of existence of guilt in relation to the persons involved but on the contrary it constitutes the initiation of the process for examining on whether or not any evidence of wrongdoing exist in relation to the allegations. For the specific case, it has to be emphasized that the contractual relationship between INTRALOT and OPAP SA, which is not challenged, has already been investigated by the European Commission as well as by the Greek Courts and the absolute legality of the conclusion of these contracts has been ascertained. The Company firmly believes that through the procedure of the criminal examination, it will be proven, once more, that the result of the contract was advantageous and that OPAP SA suffered no damage.
Despite the fact that in the current economic environment in Greece it is obvious that the equities markets are rendered volatile, we believe that our share's closing price today does not represent the fundamentals and financials of the Company, which derived 93% of its revenues through its international operations. In any case, INTRALOT has mandated its legal advisors to examine the legal means to protect the Company's and its shareholders' interests.
The filing of the charges is the result of a complaint filed in September 2010 by GLORY TECHNOLOGY LIMITED, a company based in Cyprus, in the context of litigation proceedings against OPAP SA pursuing the recognition by OPAP SA of a right of first refusal for the procurement of technology solutions to OPAP SA against all other technology providers of the sector. It has to be mentioned that GLORY TECHNOLOGY LIMITED, that has a personnel of ten persons, has not participated until now to any technology tender issued by OPAP SA or any other lottery worldwide.
As it is well known, in Greece, the initiation of prosecution doesn't amount to evidence of existence of guilt in relation to the persons involved but on the contrary it constitutes the initiation of the process for examining on whether or not any evidence of wrongdoing exist in relation to the allegations. For the specific case, it has to be emphasized that the contractual relationship between INTRALOT and OPAP SA, which is not challenged, has already been investigated by the European Commission as well as by the Greek Courts and the absolute legality of the conclusion of these contracts has been ascertained. The Company firmly believes that through the procedure of the criminal examination, it will be proven, once more, that the result of the contract was advantageous and that OPAP SA suffered no damage.
Despite the fact that in the current economic environment in Greece it is obvious that the equities markets are rendered volatile, we believe that our share's closing price today does not represent the fundamentals and financials of the Company, which derived 93% of its revenues through its international operations. In any case, INTRALOT has mandated its legal advisors to examine the legal means to protect the Company's and its shareholders' interests.