AG Petzetakis SA, wants to inform validly the public on the event of Mr. G. Petzetakis’ arrest for the so called personal debts towards the Greek Government by announcing the following;

The debts of the formed case file, do not relate to Mr. Petzetakis personally, but the Company and during that period Mr. Petzetakis was Not an Executive Member of the Board.

However, at that period Mr. G. Langouranis and Mr. Alex Reinhart, as Executive Vice President and Chief Executive Officer respectively were responsible for these debts. Additionally, due to their continuous assurances towards the Bond Holders, the Supervisory Authorities and the Companys’ Employees, they damaged the Company's credibility in Greece, as well as worldwide, while damaging the Company with tens of millions of euros.

In fact, it is worthwhile mentioning that Mr. Petzetakis was never served with a personal notice on the aforementioned debts, thus requesting and receiving a statutory deferral.

The Company, as it is well known, is the first Greek multinational, which due to its export oriented nature, for decades, has contributed on the development of the Greek Economy.

Nowadays, however, the Company like numerous other Greek companies, because of the international financial crisis, as well as the Greek volatility and uncertainty, faces liquidity and funding issues, which threaten the viability of the Group.

In any case the Company, its employees, as well as Mr. Petzetakis himself, are close to finding a lasting viable solution, which will lead to the complete consolidation of the Company.

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