Snaige AB - Notification on material event

On the sale of 100% stake in OOO “Techprominvest” and on the impact of the transactions to the company’s financial results

Alytus, Lithuania, 2013-11-28 16:28 CET (GLOBE NEWSWIRE) -- AB “Snaigė”
(hereinafter, the Company) hereby informs that it has concluded a transaction
on sale of all 100% stake of OOO “Techprominvest”, held by the Company (1% to
OOO „Spektr plius“ and 99% - to OOO „UniversalStroi“). The total sale price of
all 100% stake of OOO “Techprominvest” is EUR 2,750,000; the term for payment
of the price - until 30 December 2013. 

As it was indicated in the notification on material event of the Company, dated
16 October 2013, the Company undertook to announce a notification on material
event, indicating the impact of the transaction on sale of real estate of OOO
“Techprominvest” to the financial results of the Company (the Company has
announced on sale of the indicated real estate on 9 October 2013). In the
opinion of the Management of the Company, taking into consideration the nature
of both of the aforementioned transactions, and aiming to objectively reflect
the profitability thereof, the impact to the consolidated financial results of
the Company of both transactions (sale of real estate of OOO “Techprominvest”
and sale of 100% stake of OOO “Techprominvest”) has to be established and
disclosed collectively. 

Thus, the Company hereby further informs that the impact of the indicated
transactions (sale of real estate of OOO “Techprominvest” and sale of 100%
stake of OOO “Techprominvest”) to the consolidated financial results of the
Company is (- EUR 2,200,767). 

Mr Gediminas Čeika, Managing Director of AB “Snaigė”, is positive about the
sale of OOO “Techprominvest”. “The company finally disposed of assets not
related to its core business, maintenance of which had been causing losses for
the company since 2009”, G. Čeika said. “It is hard to admit that the
investments of AB “Snaigė” in Kaliningrad did not serve their purpose, however,
without this company the results of AB “Snaigė” should improve and it should be
easier to carry on.” 


         Managing Director
         Gediminas Čeika
         +370 315 56206