Further to a request from the Athens Stock exchange commission, A G Petzetakis announces the following:

The Company Javes Services Inc has been formed for specific reason  the 1^st of July 2010 with a registry number No 1592193 of British Virgin islands.

The specific purpose of  Javes  Services Inc is to finance   A.G. Petzetakis S.A. and its subsidiaries .Legal representative of  Javes Services Inc is Mr. Jurg Rothen.

Javes Services inc ,through the liquidation of an already issued zero coupon bond  with AAA collaterals of 120% US Treasury, has committed in writing to the Board of Directors of A.G. Petzetakis that  it will transfer the amount of 25 mil. Euros to the group.

The above mentioned   bond is   listed on a European Stock market and its details have already been shown to the executive members of the board of the Company and can  also be shown, as already explained in writing  with a letter in 04.02.2011 ,from a  representative  of Javes Services to all bondholders,.

The transfer of 25 mil. Euros will be made through a loan ,its final text to be approved by the Board of directors of A.G. Petzetakis  after the finalization of its terms from the executive members of the Board . Furthermore, the loan will be for a long term period minimum of seven years with attractive interest rate. The transfer of new money will substitute short term obligations and working capital needs with long term. For this reason, it will impact significantly the financial position of the company and its affiliates as it will solve permanently the working capital problems  that all group companies are facing because of the delay of the financing.

Due to the fact that the Company is certain for the positive outcome and its financing from Javes Services Inc ,  it has not looked for any alternatives.

As already stated,  in the recent meeting between representatives of existing bondholders and Javes Services Inc  it was discussed that the latter  will transfer to the Company 25 mil. Euros in order to purchase  the already default convertible  as well as for working capital needs  of the Company and that there will be a future agreement for the purchase of the remaining bonds.

From the above, the Company for the time being is not considering  to proceed with any kind of measure in order  to protect against potential demand from bondholders as its financing will be made till the end of February and for this reason the management considers that there will not arise  any going concern issues for the Company.

The default of the convertible of 17, 5 mil. Euros and its  accrued interest in 27.01.2011 resulted in the increase by the same amount of the short term obligations of the Company in its financial statements.

The Company has no other financing alternative  in order to overcome it obligations apart from the expected financing from Javes services Inc.

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