KLEMENTI

ANNOUNCEMENT

 

ABOUT SALE OF SUBSIDIARY'S SHARES

 

AS Klementi sold its 100% holding in AS Profline at price of EEK 4 

million. The buyer OÜ Unisekt has already paid EEK 2 million of the 

sales price; the remaining share, EEK 2 million, will be paid 

within a period of 10 years.

 

At point of sale the owners equity of AS Profline stood at EEK 

3,714,368.00; thus AS Klementi earned EEK 285,632.00 of profit. 

 

AS Klementi will use the proceeds from sale of AS Profline shares 

to develop its retailing arm.

 

AS Profline Management and Supervisory Boards.

 

Before 14.08.2000

Supervisory Board

       Chairman: Madis Võõras

       Members:  Ardo Kamratov

                 Mare-Ann Perkmann

 

       Management Board: Urmas Rohi

 

As of 15.08.2000

Supervisory Board

       Chairman: Aivar Lillemägi

       Members:  Virge Tammel

                 Aili Kõva

 

       Management Board: Urmas Rohi

 

Valid agreements:

1 Subcontracting agreement, valid until 31.12.2002.

2 Rent agreement, valid until 31.12.2002.

 

No substantial changes have taken place in the company's economic 

activities during the last financial year.

AS Profline is not involved in any court cases.

 

 

 

Madis Võõras

Chairman of Management Board

AS Klementi 

+372 67 10 718