M. J. MAILLIS S.A.
Comments on Press Releases.
After the publication of the financial statements of M.J. Maillis S.A. and its Group, for the year 2007, there were press articles disseminated through the electronic media today that were full of inaccuracies and misrepresentations and which the company rejects outright.
The company, consistent with its standard practice for timely, accurate and responsible information to the investment community, issued together with the financial statements a press release detailing the 2007 financial results. It is obvious that this press release was ignored by the journalists that published the above press articles, who filled the voids with destructive comments. As a result the company's share price dropped significantly.
The company, in order to restore the facts and for the timely and accurate update to investors, states the following:
- There is no crisis, of any kind, present or future, in relation to the Group operations. Contrary to that, during the first three months of 2008 the company has seen positive impact from the Group?s re-engineering program, which was designed and implemented during 2007 and is now complete.
- Bank of America does not provide any kind of financing to the Group, anywhere in the world.
- No provision in any loan agreement has been activated which would declare any loans due and payable.
- The profitability of 2007 was impacted from expenses, provisions and write- downs related to the re-engineering program; because of that the Group?s management, on their own initiative, commenced discussions with the banks and note holders. During these discussions the management presented its short term strategy and action plan to restore the Group?s profitability. The financiers of the Group were very supportive.
- Following those discussions it was agreed by all interested parties, in writing, to waive the appropriate financial covenants of the loan agreements until the end of June 2008. In the meantime the parties agreed to negotiate an amendment to the existing loan agreements consistent with the Group?s profit improvement plans.
- The position of the Group?s banks and investors reflects the confidence to the action plan put together by the new management team, as well as the team?s ability to execute it.
For more information, please contact our Group?s Investor Relations Department tel. +302106285000 or e-mail investor.relations@maillis.gr
The company, consistent with its standard practice for timely, accurate and responsible information to the investment community, issued together with the financial statements a press release detailing the 2007 financial results. It is obvious that this press release was ignored by the journalists that published the above press articles, who filled the voids with destructive comments. As a result the company's share price dropped significantly.
The company, in order to restore the facts and for the timely and accurate update to investors, states the following:
- There is no crisis, of any kind, present or future, in relation to the Group operations. Contrary to that, during the first three months of 2008 the company has seen positive impact from the Group?s re-engineering program, which was designed and implemented during 2007 and is now complete.
- Bank of America does not provide any kind of financing to the Group, anywhere in the world.
- No provision in any loan agreement has been activated which would declare any loans due and payable.
- The profitability of 2007 was impacted from expenses, provisions and write- downs related to the re-engineering program; because of that the Group?s management, on their own initiative, commenced discussions with the banks and note holders. During these discussions the management presented its short term strategy and action plan to restore the Group?s profitability. The financiers of the Group were very supportive.
- Following those discussions it was agreed by all interested parties, in writing, to waive the appropriate financial covenants of the loan agreements until the end of June 2008. In the meantime the parties agreed to negotiate an amendment to the existing loan agreements consistent with the Group?s profit improvement plans.
- The position of the Group?s banks and investors reflects the confidence to the action plan put together by the new management team, as well as the team?s ability to execute it.
For more information, please contact our Group?s Investor Relations Department tel. +302106285000 or e-mail investor.relations@maillis.gr