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26.01.2005
Intershop Communications in Good Shape for 2005
Successful Issue of Convertible Bond, Class Action settled Jena, Germany, January 26, 2005 – The Executive Board of Intershop Communications AG (Prime Standard: ISH1; „Intershop“ or „the Company“) announces the subscription of convertible bonds with a face value of EUR 10.4 million out of the zero-coupon convertible bond. The convertible bond was offered to shareholders for subscription and to investors via a private placement by VEM Aktienbank AG.
With a subscribed volume of more than 5 million convertible bonds now the condition for a successful issue of the convertible bond is fulfilled. The Company further announces a settlement with the plaintiffs of the securities class action, which had been pending in the USA for several years due to alleged misinformation by the Company in the year 2000. The Company is convinced that finally this class action would not have been successful. Nevertheless, the Company decided to settle in order to avoid further extensive litigation with unknown success.
Formally the settlement has to be approved by the court. The Company expects such approval within the next eight weeks. Mainly due to the accruals, which have to be made in connection with the settlement as of now in the amount of EUR 2.3 million, the Company now expects an increased annual loss for the year 2004 up to EUR 8.7 million. The complete results for the fourth quarter and the fiscal year 2004 will be announced on February 10, 2005.
The cash-in from the convertible bond strengthens Intershop’s liquidity and ensures the finalization of the planned restructuring measures. Furthermore, the Company will now be able to invest into the sales force.
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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