Snaige AB - Notification on material event

CORRECTION: Snaigė AB decided to increase the capital of OOO Techprominvest and to sale its shares

Technical error has been corrected:meeting of 30 September 2011 adopted

Alytus, Lithuania, 2011-10-03 18:22 CEST (GLOBE NEWSWIRE) -- Snaigė AB, legal
entity code: 249664610, office address: Pramonės str. 6, Alytus. 

The Board of Snaigė AB (hereinafter, the “Company”) in its meeting of 30
September 2011 adopted the following decisions: 

1. To sell 100% of shares of OOO Techprominvest (hereinafter, “TPI”), held by
the Company. In order to receive the maximum possible price for the shares of
TPI being sold, it was decided to sell the indicated asset by way of public
tender. The winner of the tender, which rules need to be prepared by the
Manager of the Company, shall be recognised the participant of the tender,
having offered the highest price for the shares of TPI. It is planned that the
transaction regarding sale-purchase of TPI shares shall be closed by the end of
month of October 2011. 

2. To increase the authorised capital of TPI by not more than EUR 12 mill.,
recalculating the final amount of increase into rubbles according to official
currency exchange rate of euro and rubbles o be announced by the Central Bank
of the Russian Federation as on the date of increase of the authorised capital.
The authorized capital of TPI shall be increased by not more than the
aforementioned amount by additional cash contributions of the Company, by
capitalising the whole debt of TPI payable to the Company or part thereof
according to all and any arrangements, currently executed by the Company and
TPI or to be executed in the future. Increase of the authorised capital of TPI
shall be executed until sale of TPI shares. 

 According to AB “Snaigė” General Director Gediminas Čeika, until now, the
company tried to sell only the real estate of the Kaliningrad company. “We
believe that selling the entire company will be easier and faster.” - stated G.
Čeika. „ A customer will purchase not only the property of the company, but
also the ability to start business immediately without any additional permits
and documents. 

 The company has long been trying to sell the factory in Kaliningrad, closed
due to 2009 the ruble devaluation and economic downturn. Last year alone, for
this factory “Snaigė” suffered losses of 2 mln LT. 

 In G. Čeika opinion, the public competition of potential buyers will help to
get the highest price. It is also expected that according to capitalized debt
of the company the number of the potential buyers will increase. 


         Managing Director
         Gediminas Čeika
         +370 315 56206