In accordance with the article 4 of the HCMC decision 5/204/2000, A.G. Petzetakis (AGP) announces that, on January 30th, 2003, the Group completed the acquisition of 51% of the outstanding common shares of Imperial Plastech Inc (IPQ), a Canadian plastic pipe manufacturer and listed on the Toronto Stock Exchange (TSX).

In addition, Mr. George Petzetakis, the controlling shareholder and the President of the Board of Directors and Managing Director of AGP acquired an additional 37.95% of the outstanding commo n shares of IPQ. The total consideration for the acquisition amounted to CN$ 2 million and concludes the successful restructuring process and assumption of the management control in IPQ pursuant to which AGP issued a public statement on June 20, 2003.

AGP acquired 51% of the issued and outstanding common shares of IPQ through a rights issue process after having received approvals from the TSX and the Courts of Toronto. The common shares of IPQ have been temporary suspended from trading and are expected to re-start trading by February 5th, 2004. It must be noted that George Petzetakis, Chairman of the AGP Board of Directors and Managing Director of AGP and Pavlos Kanellopoulos Chief Financial Officer of AGP have been appointed as members of the Board of Directors of IPQ. The acquisition of IPQ confirms AGP Management's commitment for geographic expansion of the Group's core activities, complementing its international platform of operations in Europe, Africa and North America.