Lemeco: Issue of shares to Explosal and Board changes

At the meeting held on March 17, 2008 at the Company’s Head Office, the Board of Directors of Lemeco Silvex Industries Public Company Ltd decided the following:

1. Pursuant to the Special Resolution approved by the Extraordinary General Meeting on January 28, 2008, it decided to issue and allocate 165,000,000 new shares of nominal value €0.09 each at the price of €0.20 per share to the shareholders of Explosal Trading Ltd as an exchange for the acquisition of 100% of the issued share capital of the Company.

2. The appointment of the following as new Board members:

- Thanos Michael, Executive
- Michalis Caralambous, Executive
- Yiannakis Mousas, Non-executive, Non-independent
- Oratios Hadjigeorgiou, Non-executive, Independent

Following the appointment of the new Board members, Messrs. Antonis Antoniou, Kyriakos Kyriakou, Efthimios Efthimiou and Costakis Damtsas handed in their resignation with immediate effect.

3. The Secretary has been notified to inform the Companies’ Superintendent on the above issue and allocation of shares, as well as the appointment and resignation of the Board members.

4. The Board of Directors will hold an Extraordinary General Meeting to approve issues concerning the share capital of the Company and its name.