Two key developments for Panasonic operations in Lebanon

ACES Electronics S.A.L carries forward the exemplary work of Tutunjian Corporation S.A., Panasonic's long-standing partner of over 48 years.

Avo Tutunjian, Manager of Tutunjian Corporation will officially take over as General Manager of Panasonic's Beirut office in Lebanon and manage and supervise Panasonic's marketing and advertising operations in Lebanon between Panasonic and their distributors, ACES Electronics S.A.L. and Sacotel S.A.L.

Speaking about these new developments at a press conference held today (October 14, 2004), in Beirut, Shoji Itoh, Managing Director, Panasonic Marketing Middle East FZE stated, "We are welcoming a new phase in Panasonic's Lebanon operations. Tutunjian Corporation, our loyal partner for nearly five decades has contributed immensely to Panasonic's growth and popularity among our Lebanese customers. It is due to their dedicated efforts and support that we have become one of the leading consumer electronic companies in the country. We wish to strengthen our relationship with Tutunjian by officially incorporating Mr. Avo Tutunjian into the Panasonic team."

"Meanwhile, our growing customer base and increased operations in Lebanon requires an equally efficient and large distribution partner. ACES Group is one of the largest distributors of white goods and household products in Lebanon, with a large dealer network across the country. The company has two showrooms and a strong database of 89 loyal dealers. The company's experience and expertise in the field of consumer electronics makes it well-placed to carry forward the Panasonic brand name in Lebanon," he continued.

Added Avo Tutunjian, Manager, Tutunjian Corporation S.A and newly appointed General Manager, Panasonic Beirut office, "We have been loyal and committed partners with Panasonic ever since their entry in the Lebanon market 48 yrs ago. As such, we have a special interest in ensuring that the Panasonic brand name continues to grow in strength and popularity. We are pleased with the company's decision in approving the appointment of a large and well-placed distribution partner such as ACES. On our part, Panasonic Beirut Office is committed to spare no effort in supporting the company's operations and overseeing sales, marketing and advertising activities to ensure that Panasonic continues to occupy a leading position in Lebanese customers' minds, be it for home appliances, entertainment products or business solutions."

Commenting on the new appointment, Mr. Nabil Kettaneh, Chairman of the Board and CEO, ACES Electronics S.A.L. stated, "ACES is delighted to be appointed as Panasonic's distribution partner in Lebanon for audio visual, home and kitchen appliances. This is indeed a big honour and achievement for us, as the Panasonic's brand name will add stature to our growing portfolio of brands. Panasonic has an established name in Lebanon for creating innovative products that enrich customers' personal and professional lives. We look forward to working with such a reputed brand and are confident that our experienced sales staff and extensive dealer network will further strengthen the Panasonic brand name in Lebanon."

ACES Group is the exclusive distributor for several leading brands in Lebanon. The company has a well-trained sales team and an efficient after sales center, open six days a week to attend to customer queries and address service-related issues.