The Company under the name “EPSILON NET IT, EDUCATION & HIGH TECHNOLOGY PRODUCTS COMPANY” (referred here as “the Contributing Company”), following the decision of the Extraordinary General Meeting of its shareholders held on June 18, 2021 and by virtue of the decision of the Ministry of Development and Investment No 72046/28.06.2021, registered in the General Commercial Register on the same day with Registration Number 2571373, announces the demerger of Epsilon Net’ (the “Contributing Company”) commercial applications for businesses and ERP Sector that have been developed using the PYLON platform and more specifically Pylon Commercial, Pylon ERP, Pylon CRM, Pylon Shop, Pylon Auto Service, Pylon Auto & Moto Cube, Pylon Retail, Pylon Entry and its contribution to its 57.60% subsidiary beneficiary company under the name “Epsilon SingularLogic IT S.A.” with the distinctive title “Epsilon SingularLogic S.A.” (“the Beneficiary Company”) in accordance with L. 4601/2019 (article 57 par.2), L. 4548/2018 and L. 4172/2013.

Following the approval of the demerger the following consequences occur:

a) The Beneficiary Company substitutes, by way of universal succession, to all the transferred assets and liabilities, as it is set out in the transformation balance sheet of the hived down Sector (as at 28.02.2021) and formed up to today, day of the demerger’s completion.

b) The share capital of the Beneficiary Company, increased by the amount of € 10,000,000 with the issue of 10,000,000 new common registered shares, of a nominal value of € 1 each, taken in their entirety by the Contributing Company. After the above increase, the share capital of the Beneficiary Company amounts to the total amount of € 10,025,000.00 divided into 10,025,000 common registered shares, of a nominal value of € 1.00 each, and the Contributing Company holds 99.89% of the share capital of the Beneficiary Company.

It is noted, that for the specific actions, the issuance of an Information Note is not required according to the provisions of article 4.1.3.12 of the Athens Stock Exchange Regulation, as in force.

Check out the announcement here.