Avacom Net to acquire Latvia’s Dyna It

The Board of Directors of Avacom Net Public Company Limited (ANS) decided at a meeting held on September 10 to proceed with the acquisition of 100% of the share capital of DYNA IT, registered in Riga – Latvia against the sum of EUR900,000. The price will be paid off with the submission of EUR60,000 cash and the issue and allocation of 4,666,667 new shares of nominal value EUR0.171 per share. The company is actively involved in the development of software programs.
An. Extraordinary General Meeting has been called for October 9, 2007 at the Company’s office, Nicosia to propose the following resolutions:
a) Authorization of the Board of Directors to proceed with the issue and allocation of up to 110,000,000 ordinary shares of nominal value CYP0.10 (EUR0.171) each (73.33% of the issued capital) for strategic cooperation and/or acquisition, without being offered to the existing shareholders.
b) Authorization of the Board of Directors to proceed with a buyback of own shares pursuant to the provisions of the Companies’ Law.