V+O

2007

V+O COMMUNICATION announces its acquisition by the International Marketing & Sales Group Limited

10/10/07
V+O becomes IMSG's platform for growth in business and marketing communication

V+O COMMUNICATION, one of the leading Balkan business and marketing communication consultancies, announces its acquisition by the International Marketing & Sales Group Limited (AIM:IMSG), the emerging markets focused sales and marketing company.

V+O's network and expertise in one of the globe's fastest growing regions make it an ideal partner for IMSG, operating as a platform for the group's strategic growth in the public relations sector. By expanding the V+O brand, IMSG will broaden the scope of services offered to its global client base; while V+O will materialize its aggressive expansion plans over the next few years.

The organizational structure of V+O will remain the same and the existing management team will be strengthened further. IMSG will purchase the entire share capital of V+O COMMUNICATION in the next four years. The anticipated maximum consideration for the acquisition is €10.75m.

V+O is recognized as an innovative and versatile consultancy, able to successfully bridge the gap between local needs, demands and expectations and international best practices.

Established in 2000, V+O has grown rapidly to a leading agency in Greece and the Balkans. With offices in Athens, Sofia and Bucharest and a strong team of 60 communication specialists, V+O has advised on some of the region's most important corporate transactions, while building a substantial base of local and international blue chip clients and leading brands. V+O's clients include Coca-Cola Hellenic Bottling Company, The Coca-Cola Company, HP, Wind, Credit Agricole, Eurobank, BNP Paribas, ProCredit Bank, Sagem, Google, Hilton International, Emirates Airlines, Athens International Airport, Swissport, Pizza Hut, KFC, Philip Morris, Sonae Sierra, Frigoglass, Germanos, IKEA, Heineken, GlaxoSmithKline, Bayer, Roche, RomTelecom, Eko-Elda Hellenic Petroleum Company, AXA, Global Finance.

IMSG was founded in 1996 by its Chairman and Chief Executive Officer, Gregory Thain. The Group was admitted to trading on AIM on December 6, 2005. Since 2002, the EBITDA of the Group has grown at a rate in excess of 100% per annum and has reached a market cap of 150 million USD. IMSG has been profitable since 2000. Since 2002, the EBITDA of the Group has grown at a rate in excess of 100% per annum. IMSG is a sales and marketing company focused on emerging markets and its clients include multinational and first tier local companies operating in FMCG, telecommunications, retail trade, banking and finance, automotive, consumer electronics and pharmaceutical industries. IMSG currently has presence in 21 countries in emerging markets, while its key objective is, through acquisitions and organic growth, to become during the next couple of years, one of the biggest Communication Groups worldwide.

V+O COMMUNICATION President, Thomas Varvitsiotis, and CEO, John Olympios, commenting on the acquisition, stated: "We were attracted to IMSG because of its excellent reputation in rapidly and successfully growing and integrating communication companies in emerging markets. We have set a very aggressive expansion target over the next few years and could not have found a better partner to understand and contribute to its accomplishment. Becoming part of the IMSG Group will offer both our clients and our people compelling benefits."

Commenting on the acquisition, Gregory Thain, Executive Chairman of IMSG, said: "V+O COMMUNICATION's leading position in the Balkans, its expertise and specialization will provide IMSG with the platform for development of high-margin business and marketing communication services across emerging markets and beyond. V+O has a strong and loyal client base, which will enable IMSG rapidly to gain further leverage from its presence in other markets."