Avacom: Finalization of agreement of major shareholders with Capital One Investments Malta – Resignation of Board member

Avacom Public Company Ltd would like to inform the investing public the finalization of the agreement of the major shareholders with Capital One Investments Malta Ltd as announced on February 13 and 27, 2009. After its finalization, Capital One Investments Malta Ltd controls via Top Capital Holdings Ltd 27.34% of the issued share capital of Avacom Public Company Ltd.

Mr. Michalis Iacovou handed in his resignation from April 29, 2009. The Board of Directors accepted his resignation and thanked his for his services.

Mr. Iacovou continues to offer his services as legal advisor.