The Board of Directors announces that, during today's board meeting, John M. Kourouglos was elected to succeed Mr. Maillis as CEO of the Group, consistent with the board?s previous announcement dated 28.11.2007.

Mr. Kourouglos was the CEO designate since last November and COO of the Group for the last three years. He came to M.J. Maillis Group from Tredegar Film Products Inc, of Richmond VA, a global manufacturer of plastic films, where he was General Manager of the Personal & Household care business.

Prior to joining Tredegar, Mr. Kourouglos was employed by Cookson Plc Group, where he worked from 1987 to 2001. John served as Executive VP of Cookson Plastic Molding and President of Cookson Pigments. John, earlier, had nine years of increasing responsibility with E.I. Dupont, at three different company locations.

Mr. Maillis will continue to serve as Chairman of the Board while Mr. Kourouglos assumes all of his previous duties and powers. Commenting on the appointment Mr. Maillis reiterated his unconditional endorsement and support for John.