Photo-Me appoints CEO Designate and New Director

A French national, Seurat was, from January 2003 until November 24, 2009, Chairman and Executive of A Novo SA, a Paris-based, Euronext-listed European specialist in after sales services for digital technology products with revenues of Euro 365 million.

The PMI Board has also appointed Emmanuel Olympitis as a non-executive director and Chairman of the company‘s audit committee with effect from December 1, 2009. Olympitis is currently Executive Chairman of PetroCapital Resources plc (quoted on the PLUS market) and a non-executive director of Canoel International Energy Limited (quoted on the Toronto Venture Exchange) and China Cablecom Holdings Limited (quoted on NASDAQ).

Separately, PMI has announced that the cost saving initiatives recently implemented have been more successful than anticipated. Underlying revenue for the full year is now expected to be ahead of the previous Board expectations. Thus, the Board now expects the fiscal year ending April 30, 2010, to be better than current market expectations. The company said it is now aparant that the group had net cash ballances at the end of the first half of the current fiscal year (October 31, 200), and the Board expects this also to be the case at the year-end.