Aristovoulos G. Petzetakis S.A. (AGP) signed a Euro 6.3 million contract for the supply of fibre optic cable protection ducts in Libya for the roll-out of the nationwide fibre optic backbone network on behalf of the Libyan Post Telecommunications & Information Technology Company.

Having commenced in October 2006, the above mentioned Euro161 million Libyan telecom network modernisation project includes laying approx. 25,000 km. of fibre optic cables and their associated protection ducts. It is the biggest telecom network modernization project in that country and one of the biggest of this type worldwide.

AGP has been awarded the fibre optic cable protection ducts supply contract for the western part of the project, with an estimated delivery completion date in first quarter of 2008. Negotiations are currently taking place for the supply of the fibre optic cable protection ducts for the eastern part of the project.

Petzetakis Group is the supplier of choice for cable protection products worldwide and has supplied major telecom operators and equipment suppliers including Hellenic Telecommunications Organisation (O.T.E), TELLAS, ROMTELECOM, BTC, ALCATEL, INTRACOM etc. in Europe and NOKIA and SIEMENS in South Africa.

Finally, in relation to the Memorandum of Understanding dated 28.6.2007 between AGP, its main shareholder and four Investment Funds (the “MOU”), AGP is proceeding with the planned realization of its terms for the issue of 3 convertible bond loans for the total amount of € 40.4 ml, following their unanimous approval at the Shareholders’ Meeting dated 9.10.2007 and is presently in the stage of drafting and finalising the terms of the necessary legally binding documentation in order to achieve the financial restructuring of AGP’s existing debt and to secure new funding to improve AGP’s liquidity and meet its future working capital requirements as provided for in the MOU.