Jena, May 7, 2010 – Today the Management Board of Intershop Communications AG has, with the consent of the Supervisory Board, decided to increase the company's share capital from EUR 26,954,788, divided in 26,954,788 bearer shares with no par-value, to EUR 28,880,130 by using authorised capital. On a 14 to 1 basis a total of 1,925,342 new bearer shares, or 7.1% of the outstanding shares, are to be offered for subscription to existing shareholders during the period from May 13 to May 26, 2010. The subscription price is EUR 1.42. The company has mandated VEM Aktienbank AG for the offering.
GSI Commerce, Inc. (NASDAQ: GSIC), a strategic partner to Intershop and a large shareholder has committed to exercising its subscription rights and also to exercise all remaining subscription rights, which have not been exercised by other shareholders.
The capital increase will provide Intershop with funds to enhance its product suite, grow in the US market and to strengthen its sales and marketing activities.
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.