The Board of Directors of M.J.Maillis Group announces the appointment of John Kourouglos, Vice-Chairman of the board, to the position of CEO designate.

This decision was taken upon the request of Mr. Michael Maillis to resign from the CEO position on March 1st 2008. Mr. Maillis will continue, after that date, to serve as Chairman of the Board of Directors.

Mr. Maillis stated that John Kourouglos, currently the COO of the Group, is an experienced and highly capable executive. Mr. Kourouglos is joined with Victor Papaconstantinou the new CFO, also a high caliber executive, and both are supported by experienced managers in the technical, commercial and all other functions. According to Mr. Maillis, the strength and capability of this team of professional managers was the main factor that facilitated his decision.

Mr. Maillis further stated that the new Group management team will enjoy his unconditional support.