More specifically, on June 9, 2006 the adjourned Second Repeat Shareholders' Extraordinary General Meeting of May 19th 2006 unanimously approved the issue of a convertible to common shares bond loan, according to the provisions of article 1 par. 2 and 3 of L. 3156/2003, up to the amount of 16,000,000.00 Euro with maximum 5 years duration, non-listed and with renunciation of the right in favor of the old Shareholders.

The company's Board of Directors in its meeting on 2/2/2007 approved the issue of series A' of the Convertible Bond Loan amounting to Euro 10,002,000 based on the provisions of C.L. 2190/1920 and of Law 3156/2003 and its disposal to EUROPEAN TEXTILES INVESTMENTS LTD, according to the announced agreement on 3/15/2006 (M.O.U.) on the financing of the Group's restructuring business plan, as well as on the refinancing of the Group's total bank debt against the main creditor banks.

Series A' of the above convertible bond loan is of five year duration, convertible into shares, bearer, non collateral with preemptive conversion right, of total nominal value (capital) Euro 10,002,000, comprised of 1,000 Bonds of nominal value Euro 10.002 each and issue of ten titles of serial number to be originally disposed through private placement to the Bond holder, under the known terms and conditions.

The conversion ratio is set to 33,340 common, nominal, with voting rights shares of par value Euro 0.30 each for every 1 bond, i.e. Euro 0.30 per share. The interest rate is set at EURIBOR + 1.25% per annum.