Worldmax to delist from CSE

The CSE Council and the Securities & Exchange Commission decided to delist Worldmax Investments Pcl (WMAX) from the CSE as the Company failed to issue its Annual Report for the years ended 31 December 2004 and 2005, violating Article 178 of the CSE Law. The delisting will be effective as of 31 May 2006.

Earlier, Board members Andreas Antoniades, Nicos Pittas, Nicos Nicolaou and Andreas Constantinides issued a statement in an attempt to explain the reasons leading to the delisting of the company and why they were submitting their resignations.

“Following our appointment in the Board of Directors by the Extraordinary General Meeting on January 18, 2006, we have made every possible effort so that the Company comply with its obligations in the preparation, audit and publication of its pending financial statements for 2004-2005,” the departing directors said.

“Despite our efforts, this was not feasible, since certain persons that were responsible in the aforementioned period failed to submit the financial statements to the auditors for the required audit.”

“We managed to extend the period of compliance that the SEC had granted, hoping that the Company would respond. Unfortunately, the same persons failed to submit the required data, leading to the decision for the delisting of its titles from the CSE. As a result, we believe that our presence in the Board of Directors does not serve anything and we have submitted our resignation,” the departing directors announced.