According to the Athens Stock Exchange Regulation and Decision 3/347/12.07.2005 of the European Community, the company’s management announces that on 28.03.2012 the process of issuance and coverage of the debenture loan of EUR 26,450,000 has been concluded. The product of the debenture loan will be used to refinance past due and current bank obligations. We believe that under the current economic climate, securing the refinancing of the company’s loans constitutes a great success, which will be a springboard for the next steps for development and further improvement of its financial results.
Based on the action taken so far to adapt the structure of the company to the new economic reality, as well as the plan of future actions to strengthen sales and improve productivity, the company's management was able to ensure the medium and longer term refinancing of its debt for at least 5 years.
Having ensured its smooth financing, YALCO plans its development abroad by promoting its own trademarks Ionia and Fest, which will also develop in the Greek market with the launch of renewed collections. The presence of two stands (Ionia and Fest) in the Frankfurt exhibition in February is particularly successful and is expected to be the basis for the development of the company abroad. Similarly, the messages were positive following the Yalco and I.NIA presence and in the HORECA exhibition for professional equipment.
In addition the company has already secured representation and new factories from abroad, while continuing its effort to further strengthen its product range in both the domestic and professional equipment, strengthening its partnerships with the companies currently represented (over 200). In a difficult and constantly changing economic environment, YALCO is planning its strategy of future development with their own brands, agencies, partners and people.
March 29, 2012
For further information, please contact:Mr. George Makris, Executive BoD member - Supervision of Shareholders & Corporate Announcements Department, Socrates D. Constantinou & Son S.A., e-mail: email@example.com, tel: (+30)210 629-9999 fax:(+30)210 800-0866 or Mr. Nicolas Bornozis, President, Capital Link Inc. in New York at (212) 661-7566. The press release in question as well as any additional information are available on Capital Link's website www.capitallink.com.