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11.09.2002
Intershop Announces Measures to Strengthen Balance Sheet
Jena, Germany – September 11, 2002 – Intershop Communications AG (Neuer Markt: ISH, Nasdaq: ISHP), a leading provider of e-commerce software for enterprises, today announced several initiatives aimed at strengthening its balance sheet and increasing the company’s financial flexibility.
The financial initiatives include asset write-downs and a capital decrease combined with a 1-for-5 reverse stock split on Intershop common bearer shares. Since the asset writedowns will reduce the equity position of Intershop Communications AG to below half of its share capital, a special stockholders’ meeting is being called for the purposes of article 92, section I of the German Stock Corporation Law (Aktiengesetz). At the meeting, the company seeks approval of the new financial structure. The asset writedowns, exclusively at Intershop’s holding company, will not impact the consolidated group results.
Intershop’s new financial structure is designed to increase the company’s flexibility to raise additional funds supporting the company’s future development. Intershop is receiving strategic advice on raising capital from the investment bank ING Barings. Dr. Juergen Schoettler, chief financial officer at Intershop commented, “In the past few quarters, we have streamlined Intershop’s operations and re-aligned the company’s cost structure to match current levels of business activity. In an extremely tough market environment, we have not only significantly improved our bottom line results, but also broadened our product offering by launching a set of new e-commerce software solutions, re-focused our sales organization, and strengthened senior management. Complementing our operational restructuring program, today we decided on a set of financial initiatives that will create a solid platform allowing future funding opportunities to improve Intershop’s competitive position further.”
Investor Relations:
Annett Körbs
T: +49-3641-50-1370
F: +49-3641-50-1309
ir@intershop.de
Public Relations:
Dr. Ute Danz
T: +49-3641-50-1000
F: +49-3641-50-1002
pr@intershop.de
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