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Avenir: Consolidated Financial Results For 2010

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AVENIR Group presented improved financial performance in 2010 as a result of the companys activities in the sector of Fixed Odd Bets and Online Gaming and Gambling. 

Consolidated turnover for the period 1/1/2010 - 31/12/2010 for Avenir Group reached €127.803.023 versus €46.681.859 for 2009, notating increase of 174%. 

Groups Gross profit reached €9.383.378, showing significant increase (122%), versus €4.227.758 last years results. 

EBIT for the Groups four main activities reached €1.230.109. Thereinafter the reformation of the Group, this result affirms the business initiatives of the Groups management. 

Net profits for the Group note losses of €3.121.110. It must be underlined though, that €1.300.000 in expenses during 2010 will not be recurrent in 2011. On September 30, 2010 in the context of reforming the Group and the company, the Group proceeded in selling its 100% subsidiary company ZENON AUTOMATION TECHNOLOGIES S.A, as well as the latters sister company RAYMETRICS S.A. The above mentioned companies are involved in the fields of Robotics, Research, Development and Remote Sensing through laser technologies. The past three years this subsidiary did not ascribe a positive contribution to the Groups financial results. Additionally, its selling contributed- among others- to the erasure of potential obligations and to further deduction of operational costs amplifying substantially the financial statements of the Group. In total, the losses from the above mentioned discontinued activities reached €992.751. Groups total net debt stands in a very low level reaching €3.530.467 while total equity reached €41.492.942. 

The managements intentions are to utterly complete the reforming of the Group and to enrich the activities in the fields of betting and online gaming. Specifically, the Group aims to further develop its LBO network consisted of 160 shops in Cyprus, by sharply using its International Betting Licenses in order to increase the market share and position of the two subsidiaries EUROGOAL and MEGABET. 

Furthermore, the Group is planning to launch, in 2011, brand new products and services, thus, continuing its effective and successful business strategy which initiated in September 2009 with its expansion in the field of Casino in Vessels, travelling in international waters from and to Greece. In the context of the newly regulated international legal framework regarding Betting and Gambling, the Group is also preparing for its business expansion abroad. 

The Groups management is devoted to the accomplishment of 2011 business goals in order to create added value for the shareholders and net profitability for the Group.

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