Intershop Communications AG | Press Release |
Intershop Annual Stockholders’ Meeting Welcomes Growth Strategy
- Plans for additional alliances to improve market access
- 2011 growth forecast confirmed
- Large acceptance among stockholders
Jena, Germany, June 30, 2011 – The Management Board of Intershop Communications AG explained its future strategy to the stockholders attending the company’s Ordinary Annual Stockholders’ Meeting on Wednesday, June 29, in Jena, Germany. This strategy focuses on establishing additional international alliances similar to the existing successful partnership with the US group GSI Commerce.
The objectives of these alliances are to pool the know-how of the partners and so to strengthen the companies’ innovative powers in the dynamic e-commerce market and to improve market access, especially in non-European countries. This is to accelerate the company’s growth even further. The Management Board confirmed its current forecast for financial year 2011 to the Annual Stockholders’ Meeting. It expects sales growth between 10% and 20% and an operating result at the same level as in the prior year.
A total of around 100 stockholders and stockholder representatives attended the Ordinary Annual Stockholders’ Meeting, accounting for more than 48% of share capital. The vast majority of stockholders voted in favor of most proposals put forward by administration regarding the 10 agenda points. Stockholders suggested compromises for three agenda points, which were approved. One of the stockholders’ resolutions was to create new Authorized Capital I to the amount of EUR 7.5 million.
"After the record year 2010, 2011 also started positively for Intershop. The stockholders showed us their trust, particularly by approving the creation of Authorized Capital. This has provided us with a solid basis on which to expand our global network of strategic alliances,” commented Ludwig Lutter, member of the Management Board of Intershop Communications AG.
The Annual Stockholders’ Meeting appointed Tobias Hartmann, Chief Executive Officer, Global Operations of GSI Commerce, Inc., as a new member of the Supervisory Board. He will replace Michael Conn, who is leaving the Board.
Intershop Communications AG (founded in Germany 1992; Prime Standard: ISH2) is the leading independent provider of omni-channel commerce solutions. Intershop offers high-performance packaged software for internet sales, complemented by all necessary services. Intershop also acts as a business process outsourcing provider, covering all aspects of online retailing up to fulfillment. Around the globe more than 300 enterprise customers, including HP, BMW, Würth, and Deutsche Telekom run Intershop solutions. Intershop is headquartered in Jena, Germany, and has offices in the United States, Europe, Australia, and China. More information about Intershop can be found online at www.intershop.com.
This news release contains forward-looking statements regarding future events or the future financial and operational performance of Intershop. Actual events or performance may differ materially from those contained or implied in such forward-looking statements. Risks and uncertainties that could lead to such difference could include, among other things: Intershop's limited operating history, the unpredictability of future revenues and expenses and potential fluctuations in revenues and operating results, significant dependence on large single customer deals, consumer trends, the level of competition, seasonality, risks related to electronic security, possible governmental regulation, and general economic conditions.