Pau Lacq Orthez suffered last-minute heartbreak in the EuroChallenge on Tuesday night as Keravnos scraped an 85-83 win in France.
Having trailed in the Group H game by 11 early in the second half, the hosts battled back.
Their fans, having watched the team struggle in France's top flight, began to hope for an unlikely victory when Orthez went on an 8-1 run, capped by two Teddy Gipson free-throws, to knot the game at 83-83 with 41 seconds to go.
Jean-Frederic Morency of Orthez fouled Marcus Moore and the 1.98m Keravnos point guard sank both attempts.
There was still time to make a potential game-tying, or game-winning shot so Pau called a timeout.
When play resumed, the ball ended up in the hands of Gipson but he was off target and the visitors from Cyprus celebrated a narrow win.
Keravnos, beaten at home by Artland last week, improved to 1-1 while Orthez dropped to 0-2.
William Hatcher had a game-high 19 points for Keravnos while Gipson's 15 led the hosts.
Keravnos Coach Panagiotis Yiannaras
"It is a good reaction from our team after the disappointment of our game lost at home against Artland. It was difficult tonight to play Pau when you know the context. There is always after a changing of a coach a reaction of players who want to prove so we can be proud of our game. We played with maturity and lucidity even during the money time."
Pau Orthez Coach Laurent Vila
"It is hard to lose when you feel that your group is responding and tries to find the solution to get the win but we will need time to work especially on defense to get more cohesion. Energy will be useful but we also have to work the quality on both sides of the court."
Keravnos player Marcus Moore
"We did a very good job during most part of the game even if the end was more difficult but it is never easy to win on the road. We were very excited to get this win in Pau because it is a good team."
Pau Orthez player Jean Fred Morency
"It was a tough game with an exciting money time. I am disappointed to lose but we found the energy to fight hard and to compete for the victory. We felt the support of the fans which will help us to recover confidence for the next games."