Snaige AB - Notification on material event

AB SNAIGE has sold its Russian subsidiary

Alytus, Lithuania, 2013-06-18 15:47 CEST (GLOBE NEWSWIRE) --  AB Snaigė has
sold OOO Liga Servis its subsidiary in Russia. The main purpose of the business
was to take care of the company's sales and marketing in Russia. According to
the company's CEO Gediminas Čeika, to have subsidiaries that are engaged in
sales and marketing activities in Russia has become inappropriate after the
company started cooperation with POLAIR group of companies. 

 POLAIR is the largest and most well known producer and seller of refrigeration
equipment in Russia, with its commercial channels and contacts, which AB
„Snaigė“ are starting to use. "- Said G. Čeika. "Results of this cooperation
have exceeded all expectations - in first quarter of this year sales to Russia
increased by three times. As a result there is no need to duplicate work and to
waste money with subsidiaries in Russia. 

 Now the company's group structure consists of Ukrainian OOO Snaige Ukaine,
Lithuanian UAB Almecha and Russia OOO Techprominvest - the only subsidiary
company in the country which is the closed factory in Kaliningrad, which the
company also has the intention to sell. The final subsidiary in Russia OOO"Moroz Trade" is now removed from the Russian Register of Legal Entities. 

 Turnover at AB “Snaigė” reached an all time high of LTL 34,4 MM in the first
quarter (unaudited consolidated data), which is an increase of 57% vs. last
year. At the first quarter the company earned LTL 1.3 MM consolidated unaudited
EBITDA i.e.  4 times more than at the same period last year. 


         AB “Snaigė” chief executive officer
         Gediminas Čeika
         +370 315 56206