Valerijs Maligins, Chairman of the Board of AS Olainfarm Has Passed Away

We are extremely saddened to inform that Mr. Valerijs Maligins, main shareholder and Chairman of the Board of AS Olainfarm has passed away yesterday in his house in Jurmala at the age of 52.

Valerijs Maligins became Chairman of Olainfarm’s Board after the privatization of the company in 1997.  Under his management, the company became one of the most valuable companies in Latvia reaching the level of 100 million in its revenues and selling its products to more than 50 countries.

Mr. Valerijs Maligins has also been a Chairman of the Board in AB Endokrininiai Preparatai, Chairman of the Council in AS Rigas Farmaceitiska Fabrika, director of pharmaceutical company “Aroma Baltfarm” and SIA “Alfa Dental” as well as owner and manager of many other companies.

We hereby express our deepest condolences to family, friends and colleagues of Valerijs Maligins.

JSC Olainfarm is one of the biggest pharmaceutical companies in Latvia with 45 years of experience in production of medication and chemical and pharmaceutical products. A basic principle of company's operations is to produce reliable and effective top quality products for Latvia and the rest of the world. Products made by the Group are being exported to more than 50 countries of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia.

Information prepared by:

         Salvis Lapins

         JSC Olainfarm

         Member of the Management Board

         Rupnicu iela 5, Olaine, Latvia, LV 2114

         Phone: +371 6 7013 717

         Fax: +371 6 7013 777

         E-mail: Salvis.Lapins@olainfarm.lv