SOCRATES D. CONSTANTINOU & SON S.A. COMMERCIAL AND INDUSTRIAL COMPANY OF GLASSWARE AND HOUSEWARE, in short "YALCO", announces that during its Board meeting on July 10th, 2007, Mr. Vittorio Pisante was elected as a new Member of the BoD, in replacement of the resigned BoD Member, Mr. Demetris Vellis. The election of the aforementioned Member as Provisional Advisor will be submitted, in accordance with the law and the companys Articles of Association, for approval by the first General Assembly of the Shareholders, which shall be summoned after his election and which will reach a final decision.

Mr. Vittorio Pisante was born in Athens in 1965. He holds a Bachelor degree in Economics and International Relations from Brown University and a postgraduate degree in Business Administration and Finance by the Department of Business Administration of the New York University.

He is one of the founding executives of Bluehouse Capital, while he has been the founder and Managing Director of the Telesis Group of Companies.

The Companys Board of Directors under its new composition was set up as follows:

Demetrios Constantinou, Chairman & Managing Director - Executive Member, Kalliopi- Anastasia Constantinou, Vice-Chairman - Executive Member, Socrates Constantinou, Deputy Managing Director - Executive Member, Aikaterini Constantinou - Executive Member, Vittorio Pisante - Executive Member, George Makris - Executive Member, Frank Mpletzian - Independent Non-Executive Member, Amenteo Ontoni - Non- Executive Member, Ioannis Veziroglou - Non- Executive Member.