Establishment of New Subsidiary

Management of Kleemann Hellas S.A., announces that it has moved forward into the signing of the Article of Association of the Company with the Brand Name, MODA CABINA S.A. It is about a new-incorporated industrial company, which is activated in the manufacture of elevator components, with initial share capital of 350.000 Euros, in which Kleemann participates in with a share of 85% and the brothers Nikolaos and Anastasios Xirafopoulos with a share of 15%. The Head Offices of the productive installations of the Company are defined to be positioned in Ind. Area of Stavrochori, Kilkis. The required initial investments will come up to the amount of 1,2 mil. Euros and they mainly concern machinery and technical equipment. The Company will be activated in the manufacture and sale of specialized elevator components, such as specially designed cabins, solutions for innovations etc. With the incorporation of that Company, Kleemann aims at the expansion and the enforcement of its presence in the Greek and the International market, through products which will be designed and manufactured absolutely adjusted to every client's demands.