ARMENIAN BIO GROUP COMPANY AWARDED DEFERMENT OF VAT PAYMENT UNTIL AUGUST 2016

YEREVAN, August 15. / ARKA /. An Armenia BIO Group company has been
awarded today by the government a prolonged deferment of VAT payment
until August 2016 following the company’s pledge to invest some 660
million drams in construction of greenhouses in Jrvezh community of
central Kotayk province. Some 300 million drams of this amount will
be spent on purchase of foreign-made equipment.

The deferment is usually awarded to companies which import more than
300 million drams worth modern equipment or technology to expand
their output and modernize production facilities.

The greenhouses will grow tomatoes and cucumbers on the area of
10.7 hectares. They will be built in accordance with the best Dutch
technology. The company will create about two dozen new jobs.

The company plans to grow annually 700 million drams worth products. A
large part of the products will be sold to neighbouring Georgia,
Russia and the UAE. -0-

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From: Baghdasarian