OPT buys into Dubai publishing co.

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Options Cassoulides Pcl (OPT) announced that its subsidiary company, Options Cassoulides Global Publishing Ltd reached an agreement with Dubai Media City, to acquire 75% of the share capital of Nicholas Publishing International (NPI), for a consideration of USD 700.000. The

agreement is effective as of 1 January 2005 retrospectively.

NPI is based in Dubai and operates in the Middle East area. Its operations include trade publications of magazines, mainly of tourism related topics.

NPI recorded a 2004 net profit of USD 163.000, whilst its 2005 revenues are expected at USD 1.45 mln and its net profit is expected at USD 260.000. OPT has specified the bid price on NPI meeting certain minimum profitability targets. During 2004, OPT reported a net profit of CYP 1.12 mln while during the first nine months of the year, it reported total revenue of CYP 15.6 mln and profits of CYP 991.000.