For this purpose, the company has entered in to an agreement to sell, with Orion Telecom Networks, Inc., USA, for the disinvestment of 60% of its total shareholding in aforesaid subsidiary for a total sum of US$ 390,000, which is above its present fair value. The company has given a further option to Orion Telecom Networks, Inc USA, to purchase an additional 10% shareholding at the same price, which option is to be exercised by Orion on or before 31 March 2010. The whole transaction shall be settled by way of actual cash remittances to the company.

The company made this announcement during the trading hours today, 22 April 2009. The above steps were taken due to the difficult present condition of USA economy and owing to the difficult prevailing business environment in USA.