22.04.2011

SHAREHOLDERS’ MEETING OF PERM MOTORS WILL EXAMINE THE ISSUE OF SELLING OFF NON-CORE ASSETS AND A SHARE REDEMPTION

At its meeting on April 20, 2011, the Board of Directors of OAO “Perm Motors” made the decision to seek approval from the Annual General Meeting of shareholders for a deal to sell off shares/stakes in other companies which constitute non-core assets: ZAO “Reforma-PM”, OAO “Obshchezhitya-PM”, OOO “Rassvet-PM” and OAO “Upravleniye-PM”.

Shareholders of OAO “Perm Motors” will have the right to present their shares for redemption at the market rate which, in accordance with evaluation by an independent appraiser, amounts to 1 ruble and 3 kopeks per share.

The Board of Directors also preliminarily confirmed the annual financial statements for 2010. The profit by OAO “Perm Motors” for 2010 totaled 522,000 rubles. The company generated income based on sales of Soviet-era stocks of spare parts for aviation engines. OAO “Perm Motors” is not currently engaged in other activities, including production, and does not have plans to engage in such activities.

The Annual General Meeting of OAO “Perm Motors” shareholders will take place on May 26, 2011.


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