The Directors of Kollakorn Corporation Limited announced that Mr. Sevag Chalabian has resigned as a director and Chairman of the Company. Mr. Riad Tayeh has agreed to become Chairman of Directors. Mr. Richard Sealy has agreed that at the end of his term as Managing Director on 31 March 2015, he will continue as a director of the Company.

Due to the inability of the Directors' at this time to find a suitable replacement for Mr. Sealy, he has agreed that on 31 March 2015 he will accept the position of Chief Executive Officer of the Company.