OREANDA-NEWS. December 12, 2007. "UkrAVTO" Corporation is deeply exasperated by carelessness of the Edition in preparation of an article "ZAZ is prepared for sale" dated December 7, 2007 (No. 209) and hereby declares that the information published in the article does not represent the true fact and deceives the readers, business-auditorium, potential investors and, accordingly, prejudices development and business image of the company, reported the press-centre of ZAZ.

Above article was released after publishing at the official web-site of the State Committee on Securities & Stock Market of information about change in composition of ZAZ's shareholders.

With regard to this matter Press-service of UkrAVTO Corporation informed journalist of DELO Edition about the following:

"As to the matter on change of shareholders' composition, we reverted to the status of shares' distribution that had been effective at ZAZ in spring 2007. Coming back to the history of this matter … In spring ZAZ's management and shareholders resorted to that decision, supposing that for attracting additional financing for the projects it would be necessary to make emission. Due to change of situation at the financial market of Ukraine (after elections) and world market of capitals, ZAZ decided to refuse from the necessity of investments' attraction in such a way. Thereby ZAZ has demonstrated high level of professionalism in diversification of financial risks."

Statement about sale of Zaporizhia Automobile Building Plant is a sheer fiction of the Edition, as it is based only on conjectures and assumptions:

"Tariel Vasadze sells a third of Zaporizhia Automobile Building Plant to the European branch of General Motors Corporation" - this is a FICTION (this fact is not confirmed by Press-services of UkrAVTO and ZAZ).

"GM Management admits its interest in purchase of production facilities in Ukraine. "Delivery of cars from Germany to Ukraine is less profitable, than their production in your country. That is why we are interested in cars' production in Ukraine. It is a clear goal", - said one of Directors of GM Europe Mr. Wolfram Liedtke". - this is an ASSUMPTION (this quotation is given out of context, which fact enabled Edition to make its own conclusions).

"GM specialists have already visited several production sites in Ukraine. "There is no need to build new automobile plant. It will be enough to bring already operating plant into the state-of-the-art condition and to provide it with all required things", - tells Mr. Wolfram Liedtke. He refused to name company in question, as negotiations are still in progress. However, market experts suppose that Zaporizhia Automobile Building Plant, where during several last year almost half of production range has been manufactured under GM car brands, is considered to be the most probable object of purchase - from the very text one can see that this is an ASSUMPTION.

Thus, we ask the Edition to request official information from the companies, to use only confirmed information and to observe rules and regulations of journalistic ethics with regard the information that directly influences development of business and image of more than one company.

As far as the situation with information misrepresentation has been occurred more than once, we declare about the readiness to protect our rights in a court.