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Attica Ventures invests in Doppler

9 May 2005

After long discussions and negotiations an agreement was reached on participation in the share capital of Doppler S.A. by Attica Ventures (member of the Bank of Attica Group and manager of the ZAITECH FUND a venture capital fund participated in by the Bank of Attica and the New Economy Development Fund (TANEO).

Doppler S.A. is a modern, innovative company established in 2000 which is involved in industrial production and trade of lift parts and full lift packages. In its 4 years in existence it has become the No.2 company in Greece achieving sales of 9.5 million in 2004 (compared to 6.8 million in 2003), EBITDA of 1.95 million and EBT of 1.03 million (up from 0.68 million 2003).

It is worth noting that 40% of the companys sales are export-related and the target over the years to come is to ensure that this figure surpasses 50%. More specifically, at present company products are exported to 10 countries, namely England, Denmark, Ireland, Cyprus, Turkey, the Ukraine as well as all Balkan countries and export deals are being developed with Germany, Egypt, Kuwait and Poland.

Major agreements and long-term partnership deals have been entered into with a range of companies in the lift sector including multinationals in both Greece and abroad. The next development target, particularly for exports to key countries, is to establish subsidiaries in those countries and to develop strategic alliances in the form of joint ventures.

From the outset product research and design has been a fundamental strategy for the company and explains its high degree of competitiveness both in Greece and internationally. This was ensured via in-depth knowledge of the subject area by the companys key executives. Thanks to research, within a short time the company was able to produce a complete range of innovative products for all lift types.

As part of its strategic choice to develop and expand through innovation and new products, the company was included as part of the Ministry of Developments Competitiveness Measure 4.3 (Industry, Energy and Technology Development Programme) and prototype models were designed and manufactured. These include a mechanical lift without an engine room (the MRL Traction Lift) which is cutting edge when it comes to modern lift technology.

Attica Ventures' objectives in participating in Doppler, as Attica Ventures CEO, Giannis Papadopoulos stressed, ... is to make investments to double the companys production capacity by building facilities covering 4,300 m2 on the one hand, so as to promote full integration of its innovative products into the production process, and on the other hand, to further expand the companys export network either via subsidiaries or via strategic alliances.

Lastly, it is worth noting that company plans include listing on regulated markets (the Athens Exchange, and the Athens New Market (NEHA)) in the near future with the aim of ...further bolstering development, insisting on the same philosophy of top quality, productivity, and effectiveness; principles on which the company to date has been built," as was stressed by Doppler's Managing Director, Mr. Stavros Stavropoulos.

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