The FIDE President Kirsan Ilyumzhinov and Mr Bessel Kok have met in Dresden to announce formally the commencement of operations of Global Chess BV. The main office will be in Amsterdam where negotiations on space in the MAX EUWE CENTRUM are in a final stage. A branch office in Lausanne is also envisaged.

The first part of the working capital has been transferred to Global Chess BV and this will permit the Company to finalize negotiations with FIDE on a commercial licence agreement.

Upon conclusion of the license agreement, Global Chess will (in cooperation with FIDE) start working on World Class Chess tournaments (including the WCC cycle as from 2008). Global Chess will equally examine investment opportunities in Chess related projects and ventures.

The Chairman of Global Chess BV will be Mr Bessel Kok and the Chief Executive Officer of the Company will be Mr Geoffrey Borg.

Kirsan Ilyumzhinov
Bessel Kok