Update on Demorilo and Hassapis

Since the day that George Hassapis took full control of Absolute and the former management team walked out, they activated a previously set up company called Demorilo, who have since continued arrangements with 12 complexes as follows:

1. Hills 6
2. Hills 4
3. Seaview Valley
4. Panoramic
5. Traditional
6. Kyrenia
7. Meadowlands
8. Mazotos Hills 4
9. Sunrise gardens (Pervoila)
10. Camilia
11. Kyrisis Savva Oroklini
12. OH 5 (based on 4 individual services)

The main reason for this is that most complxes opted to continue with the same people that served them well in the past with is a testament to the team. Demorilo are also in negotiation with other new complexes also.

We understand that all initial legal claims have been withdrawn by Hassapis and Maria has been into the office to help Absolute close the books.

The 9 Hassapis built projects will remain with Hassapis, however we understand that the old Absolute office will likely close in the near future.

NoteThe above is an indication only after some research, however the situaton is difficult to completely uncover.