Exhibit	3

Case 1:22-mc-23619-RKA Document 5-3 Entered on FLSD Docket 11/04/2022 Page 1 of 5
M.J. MAILLIS GROUP: Q1 2010

Financial Results (for the period

01.01.2010 - 31.03.2010)

June 01, 2010 10:52 ET | Source: M.J. Maillis

ATHENS, GREECE--(Marketwire - June 1, 2010) - The M.J. Maillis Group, a

global leader in secondary packaging listed on the Athens Exchange

(ATHEX: MAIK), announced its results for the first quarter of 2010 end

March 31, 2010.

Highlights:

The Group performance during the first quarter of 2010 established 

upward trend compared to same period last year which was affected by the

unprecedented economic crisis. The key drivers of this performance were a

gradual upsurge in sales, improved gross profit margins and positi

EBITDA.

1 quarter sales increased by 15% vs. 1 quarter 2009 confirming t

upward trend in terms of turnover as a result of partial market

recovery

Gross Margin increased by 5 p.p vs. last year

Total EBITDA turned positive in the first quarter of 20

Key figures for 20

31.3.2010 31.3.2009 Difference

Sales 59,234 51,522 15.0%

Gross Profit* 14,255 9,820 45.

Gross Margin* 24.1% 19.1% 5.0pp

Operating EBITDA 904 -3,333 127.1%

EBITDA 474 -4,856 109.8%

*the gross profit and margin are management reported figures and exc

depreciation, grants, FX differences and services cost

Financial Performance:

In first quarter 2010, group consolidated sales revenue amounted to 59

mEUR , higher by 15.0% versus last year, as a result of the gradual

resumption of the economic activity around the world.

st st

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Gross margin at 24.1% was higher by 5.0 p.p in comparison to previous year

as the latter had been affected by the significant negative impact of t

restocking effect of pre-crisis stocks and lower volumes.

Excluding one-off income and expenses the result of Exchange differences,

inventory and receivables provisions as well as restructuring costs, the

operating EBITDA for 2010 was 0.9 mEUR (vs. operating EBITDA for 2009 of

-3.3 mEUR). More importantly, for the first time over the last five quarters

total EBITDA was positive at 0.5 mEUR (vs. -4.9 mEUR in 2009).

Net losses before tax were 7.6 mEUR vs. 19.4 mEUR in 2009. Net losses after

tax were 9.3 mEUR vs. 17.8 mEUR in 2009.

Restructuring:

During Q1 2010 the second phase of the reorganisation and restructuring

plan was launched. Following the evolving industry trends and current

market conditions, a reassessment of the sales structure became essential.

In the new structure the focus instead of individual country (geography)

shifted to customer segments (market) in order to meet our clients' needs

more effectively.

Negotiation with lenders:

Τhe Board of Directors of M.J. Maillis SA, in its meeting of 16 April 2010,

decided to accept the main points of the restructuring solution proposed by

the creditors and to continue the process on that basis aiming at the

signing of an agreement that will include all restructuring issues and will be

mutually acceptable to the company and all its creditors. The basic points of

the proposal are the following:

Capitalization of outstanding loans: For an amount of Euro 70 million

with issuance of new common shares of the listed parent company to

the Group's creditors.

For the re-financing of the remaining outstanding loan

i. A syndicated loan of Euro 110 million

ii. A bond loan, of Euro 50 million, with capitalizable (Pay-In-Kind) rate,

convertible to new common shares of the listed parent company

iii. New working capital line: For an amount of Euro 16 million for the

financing of the Group's growt

Outlook:

In 2010, the Group is among the first in the Greek market to benefit from

gradual resumption of the economic activity around the world, due to its

international presence, its improved operational and cost structure, as well

M.J. MAILLIS GROUP: Q1 2010 Financial Results (for... SIGN IN 

Case 1:22-mc-23619-RKA Document 5-3 Entered on FLSD Docket 11/04/2022 Page 3 of 5
as a restructured balance sheet on the basis that an agreement with its

lenders may be reached.

At the same time we continue the reorganization of the Group and have

already moved into the next phase aiming at further cost savings and

enhanced productivity and efficiencie

About the M.J. Maillis Group

The M.J. Maillis Group is a leader in secondary packaging providing its

clients globally with complete, high technology and cost effective

packaging solutions (one-stop-shopping) that combine packaging

equipment, packaging materials, service and support. The Group employs

1,540 people and maintains physical presence in 18 countries in Europe,

North America and Asia, while its products are sold in more than 80

countries worldwide. The Group's customer base extends to the food and

beverage, aluminium, steel, construction, timber and bailing industries and

it is the exclusive or preferred global supplier to an increasing number of

major industrial and consumer products multinationals such as US Steel,

Nestle, Coca Cola, P&G, Henkel, Pepsi, Mars, Lafarge, Alcoa, ArcelorMittal,

Corus, Wall-mart etc. The shares of the M.J. Maillis Group are listed on the

Athens Exchange under the ticker symbol "MAIK."

Contact Information:

For more information please contact:

Company Contact:

Group's Investor Relations Department

Tel. +30-210-6285-000

E-mail investor.relations@maillis.gr

Investor Relations Advisors

Capital Link

Athens

Eftychia Yiagou

Tel. +30-210-6109-800

London

Annie Evangeli

Tel. +44-203-206-1320

New York

Matthew Abenante

Tel. +1-212-661-7566

E-mail: maillis@capitallink.com

...

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