Global sells IT division to managers

The Board of Directors of Global Consolidator (GLC) decided at a meeting held on October 3 to approve the sale of certain departments of the IT sector (except for 2) to the Managers and staff of the department.

The payment has been set at CYP 700,000. The departments that have not been sold and are still in Global IT (Cyprus) Ltd are: The support and service department of the governmental projects and the Universe Department, which supports and serves customers that use Universe systems.

At the meeting held on 7/10/2005, the Board of Directors also decided to abolish the Corporate Governance Committees and reduce the remunerations of the Board members from January 2006 due to the transfer of the Company’s titles from the Parallel to the Alternative Market after the Company’s request to adopt the EGM special resolution and the increased cost.

It is also announced that Michalis Vasileiadis, non-Executive member, submitted his resignation from the Board of Directors on 6/10/2005. In his resignation letter, Vasileiadis reported that after the Company’s transfer in the Alternative Market and the abolition of the Corporate Governance Code, he sees no point of being a Board member.