31/01/2011

Further to a request from the Athens stock exchange commission, A G Petzetakis announces that after the 27.01.2011 ( already announced) notice of default of   the convertible bonds of 17.500.000 Euros from Credit Renaissance and PSAM the foreign investor Javes Services Inc with a  letter in 28.01.11 to the Board of Directors of the Company has committed to the following:

The issued Bond  which  will finance the Company is in the final stage of liquidation and have met successfully all prerequisite tests .For this reason,  Javes committed that until the 28.02.2011 it will transfer to the accounts of A.G. Petzetakis S.A. the amount of 25.000.000 Euros in order: to purchase the default 17,5 million Euros convertible bond ,to pay  Company’s  and its affiliates imminent  needs and to start final negotiations to purchase the rest outstanding bonds of A.G Petzetakis as discussed and agreed in the recent meeting in Zurich.

In addition, the Company wishes to announce that the default bond had accrued interest of 3.275.932,1 Euros , that it had as a collateral the shares of Petzetakis Northern Greece and that it could following a majority decision of the assembly of bondholders  cross default the remaining of the  bonds.

In any case , the amount of the loans as well as the accrued interest have already impacted the financial statements of the Company .