wholly-owned subsidiary Intelect, Inc. has been awarded a significant contract to supply air defence systems to the Hellenic Air Force (HAF).

The contract, to replace and improve HAF control centres in Parnis and Zeros, Greece is worth over $850,000, said Challenger.

"This order demonstrates the value of Intelect's installed base worldwide as well as market confidence in Intelect's continued ability to provide solutions for communications-critical requirements in air traffic control and air defence,'' said Intelect president and CEO Mr. Pete Ianace.

The contract was awarded by Munich-based Rohde and Schwarz, leading the multi-million dollar project to upgrade communications facilities and capabilities of the HAF.

The systems in the contract will be built and shipped by the end of next year, Mr. Ianace said.

COMPANY REPORTS THIRD QUARTER LOSS BUC Company reports third quarter loss Bermuda-registered Central European Media Enterprises Ltd. reported a third quarter loss of $7.1 million compared to a loss of $4.8 million for the same period a year ago.

Revenues rose 94 percent to $15.5 million for the quarter ended September 30 compared to $8 million for the same period a year ago, said Bloomberg Business News service.

The company recently announced a $92 million public offering.

Four million class A shares were priced at $23 each.

Net proceeds from that offering will be used to fund expansion of broadcast operations into central and eastern European countries as well as to fund existing operations.

OBJECTIVES SET FOR SEMINAR CON Objectives set for seminar The Bermuda Small Business Development Corporation will host a seminar at the Princess Hotel on December 4 focusing on investments and pension planning as they relate to small businesses.

The objective of the seminar, "Strategies for Success -- Planning for a Financially Secure retirement'', is aimed at assisting small business owners in retirement planning.

There will be presentations by the Ministry of Finance, First Bermuda Securities, Emerald Financial Group, Argus Insurance Company Ltd. and Bermuda Small Business Development Corporation.

The afternoon will feature discussion on Government plans for the National Pension Scheme and related topics.