21.06.2005

The Company announces that the Ordinary General Meeting  of the Shareholders, which took place on June 21st , 2005, with a quorum of 60.40% and majority of 100% of the present shareholders decided the following:

1) Τhe approval of the Board of Directors Administration Report and the Certified Auditor-Accountant Audit Certificate for the fiscal year 2004.

2) The approval of the Annual Financial Statement of the fiscal year 2004.

3)  The approval of dividend payment of 0,03 Euros per share for the fiscal year 2004. The shareholders registered in the Company’s Shareholders Register upon the end of the meeting of Athens Stock Exchange on July 1st, 2005, are entitled to the dividend payment. From July 4th, 2005, the shares shall be traded on Athens Stock Exchange without the right of dividend payment for the fiscal year 2004. The Shareholders may collect the dividend for the fiscal year 2004 from any branch of the National Bank of Greece from Friday July 15th, 2005 until July 15th, 2006.  After July 15th, 2006 the dividend shall be paid at the Company’s offices (41-45 Marinou-Antypa Street, 14121, Νeo Irakleio).

4) The members of the Board of Directors and the Certified Auditor-Accountant discharge from any liability for the fiscal year 2004.

5) The election of Certified Auditors-Accountants for the fiscal year 2005 as well as the setting of their remuneration.

6) The approval of substitution of the members of Board of Directors who have resigned.

7) The election of new members of the Board of Directors and the appointment of independent members of the Board of Directors pursuant to law 3016/2002, as in effect today.Petros Kostopoulos, Michael Karis, Athanassios Papahristou, Maria Grapsa, Georgios Pelecanakis and Ioannis Vekris were elected to manage the company for a term of three years. Mr. Pelecanakis and Mr. Vekris were appointed as independent members.

8)  The approval of remuneration payment to the members of the Board of Directors for the fiscal year 2004, pursuant to article 24 of Law 2190/1920, as in effect today.

9) The prior approval of the new employment agreement of the member of the Board of Directors and former Financial Director, Mr. Michael Karis, who undertook the duties of the Company’s General Manager, the payment of other remuneration to members of the Board of Directors for the fiscal year 2005 , as well as the prior approval of the agreements between the Company and its Subsidiary Company  ΝΙΤRΟ MUSIC, for the sale by the latter of a) all the CDs and music collections and  b) the commercial trademark “GENESIS”.

10) The amendment of article 2 of the Company’s Articles of Association, so that the Company may also sell CDs, mostly through telemarketing.

11) The amendment of article 8 of the Company’s Articles of Association, so that up to 2 vice-presidents are elected in the Company’s Board of Directors.

12) The amendment of article 12 of the Company’s Articles of Association, so that the Company’s Board of Directors may transfer the right of representation to members of the Board or to third parties.

13) The codification of the Articles of Association into one unified text.

The President of the Board of Directors, Mr. Petros Kostopoulos, during his speech, referred to, among others, IMAKO’s course during the current fiscal year. According to the President of the Board of Directors, the new fiscal year is expected to present an increased turnover and improved profitability.  It is considered that despite the decline in the advertisement market after the Olympic Games, the development of the Company’s financial sizes is expected to continue with satisfactory rates, which is already confirmed by the elements of the five months. The prestige of the Company’s magazines, as well as their establishment among the best magazines of the market, shall support significantly the Company’s efforts, not only for the maintenance of acquired status but also for the targeting of even higher levels. Additionally, the circulation of the new male magazine ΜΑΧΙΜ, as well as the continuing search for circulation of new titles, the ongoing development of the fields of corporate publications through the expansion of the clientele, and the development of the special publications issue shall contribute significantly to the continuation of the upwards course. Concluding, the President of the Board of Directors referred to the Company’s business plans for the two years 2005-2006, where, among others, he stressed that the negotiations for the publication of a new leading American female magazine are at the final stage and the magazine is expected to circulate in the mid autumn of 2005. Also, as he stated, IMAKO’ s expansion of publishing activities outside of Greece, in cooperation with international publishing companies, is also being considered, with the publication of two international titles in one of the countries of the wider Balkan area, within 2006.