5th Mar 2007 09:56
Hellenic Telecomms Organization S A05 March 2007 HELLENIC TELECOMMUNICATIONS ORGANIZATION S.A. Announcement OTE announces Employee Exit Program With Financial Incentives Athens, February 28, 2007 - Hellenic Telecommunications Organization SA (ASE:HTO, NYSE: OTE), the Greek full-service telecommunications provider, todayannounces that it has reached an agreement with the unions regarding an employeeexit program, under which employees who have one to five remaining years ofservice, but have nevertheless completed the minimum requirements forretirement, will get exit bonuses that range from Euro 5,000 to 36,000 , inorder to depart during 2007. Approximately 450 OTE employees are eligible for this employee exit program. OTEwill ask eligible employees to tender irrevocable applications during asubmission period that will run through March 2007. Departures will start onApril 18, 2007 and all employees participating in the program will leave thecompany until the end of 2007. Details regarding the cost of the program will beavailable within the second quarter 2007. It should be noted that OTE has been implementing similar employee exit programswith financial incentives since 1996. About OTE OTE Group is Greece's leading telecommunications organization and one of thepre-eminent players in South-eastern Europe, providing top-quality products andservices to its customers. Apart from serving as a full service telecommunications group in the Greektelecoms market, OTE Group has also expanded during the last decade itsgeographical footprint throughout South East Europe, acquiring stakes in theincumbent telecommunications companies of Romania and Serbia, and establishingmobile operations in Albania, Bulgaria, the Former Yugoslav Republic ofMacedonia and Romania. At present, companies in which OTE Group has an equityinterest employ over 30,000 people in six countries, and our portfolio ofsolutions ranges from fixed and mobile telephony to Internet applications,satellite, maritime communications and consultancy services. Listed on the Athens Stock Exchange, the company trades under the ticker HTO aswell as on the New York Stock Exchange under the ticker OTE. In the U.S., OTE'sAmerican Depository Receipts (ADR's) represents 1/2 ordinary share.Additional Information is also available on http://www.ote.gr. Contacts:OTE: Dimitris Tzelepis - Head of Investor Relations Tel: +30 210 611 1574, Email: [email protected] Papagiannakopoulos-Senior Financial Analyst, Investor RelationsTel: +30 210 611 7593, Email: [email protected] Kozanoglou - Communications Officer, Investor RelationsTel: +30 210 611 1121, Email: [email protected] Marilee Diamanti - IR CoordinatorTel: +30 210 611 5070, Email: [email protected] Hadjigeorgiou - Financial AnalystTel: +30 210 611 1428, Email: [email protected] Forward-looking statementAny statements contained in this document that are not historical facts areforward-looking statements as defined in the U.S. Private Securities LitigationReform Act of 1995. All forward-looking statements are subject to various risksand uncertainties that could cause actual results to differ materially fromexpectations. The factors that could affect the Company's future financialresults are discussed more fully in the Company's filings with the U.S.Securities and Exchange Commission (the "SEC"), including the Company's AnnualReport on Form 20-F for 2005 filed with the SEC on June 29, 2006. OTE assumes noobligation to update information in this release. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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