Incorporation of a subsidiary in Bulgaria and acquisition of local entity on behalf of Champion Europe SpA

Between February and April 2009, Kelemenis & Co. acted for Champion Europe SpA, the international athletic apparel manufacturer, for the termination of its contract of exclusive distribution in Bulgaria, the incorporation of a subsidiary, and the acquisition, following a due diligence, of a local entity involved in the sale of athletic apparel. With this restructuring, Champion will operate in Bulgaria by itself and not through third-party distribution agreements. Kelemenis & Co. has been acting for Champion in Greece and some of the countries of Southeastern Europe since 2004.