PRESSRELEASE
Armenia Fund, Inc.
111 N. Jackson Street Ste. 205
Glendale, CA 91206
818-243-6222 tel

May 23, 2005

Contact: Sarkis Kotanjian
info@armeniafund.org

Hayastan All Armenian Fund Convenes 14th Annual Meeting
Telethon 2005 Beneficiary Project Identified

Glendale, CA – With the North-South Highway in Nagorno Karabakh on the
verge of successful completion, the Board of Trustees of `Hayastan’ All
Armenian Fund identified a new three-year beneficiary project, Revival of
Artsakh, during its 14th annual meeting on May 2, 2005 in Yerevan,
Armenia.

Scheduled to air live on Thursday, November 24 this year (Thanksgiving
Day) from Glendale, California, Telethon 2005 will raise funds for the
first stage of the program – structural development of Martakert region of
Nagorno Karabakh. `The Board of Trustees meeting reassured once again that
as always Armenia Fund, Inc., along with its 19 worldwide affiliates, is
on the frontline of nation-building. This time we embark on a grand
program of bringing regional development to Nagorno Karabakh. Upon
completion, the multifaceted project, that is broken up into three stages
will lay down the necessary infrastructure in key areas in each of the
three zones that would induce overall economic development. Health care,
housing, rural roads, education, drinking water, agricultural initiatives
and irrigation are the primary areas that we are going to target in
Martakert, which is the first zone that we have chosen. The Trustees
chose Martakert as the first zone taken the fact that it is the most
damaged region in the war with Azerbaijan, it is right on the border with
Azerbaijan and it has the greatest potential for growth.’ explained Maria
Mehranian, chair, Armenia Fund – United States Western Region.

Chaired by H.E. Robert Kocharian, president of the Republic of Armenia,
over 27 trustees and 19 representatives from affiliates worldwide convened
for Hayastan Fund’s annual meeting. Armenia Fund’s U.S. Western Region was
represented by Mehranian and Ara Aghishian, Vice-Chair.

Highlighting the accomplishments of 2004, Naira Melkoumian, executive
director of Hayastan Fund, emphasized the significance of Telethon 2004
and the unprecedented $11.5 million dollars raised towards the completion
of the North-South Highway. `In 2004, Hayastan Fund implemented over 100
projects at a cost of $18 million throughout Armenia and Karabakh,
financing or which was made available through the donations of Armenians
from around the world.’ added Melkoumian.

It is noteworthy that Hayastan All-Armenian Fund passed a rigorous
financial and construction audit conducted by Grant Thornton Amyot, a
leading global accounting and business advisory firm. Commenting on the
financial audit, chief auditor Armand Pinarbasi noted `In our opinion, the
financial statements give a true and fair view of the financial position
of “Hayastan” All-Armenian Fund as of December 31, 2004, and of the funds
received and expenses incurred and its cash flows for the year ended in
accordance with International Financial Reporting Standards’.

For more information on Armenia Fund – US Western Region, please visit
or call 818 – 243 – 6222.