Intershop Communications AG | Press Release |
Special audit into the business relationship with eBay concluded without objections
Jena, 11th June 2015 – Intershop Communications AG (ISIN: DE000A0EPUH1), the leading independent provider of innovative solutions for omni channel commerce, announces that the special audit initiated at the shareholders meeting on 12th June 2014 into the business relationship with GSI Commerce Solutions Inc. (GSI Commerce) existing since 15th April 2010, has been concluded without any objections. GSI Commerce, which has belonged to eBay since March 2011, is Intershop's biggest shareholder with 26.14% voting rights.
The business relationship between Intershop and the eBay companies has been a regular item in the Management Board's preventative annual reports regarding independence and competition. Nevertheless, at the request of a group of shareholders the shareholders' meeting decided to initiate a special audit to investigate the relationship. The background to this was the fear that the relationship was not based on the usual market conditions, and as such harmed Intershop and the other shareholders.
However, the special auditor Wedding & Cie. GmbH Wirtschaftsprüfungsgesellschaft, Frankfurt, appointed by the shareholders' meeting could confirm that the exchange of services between Intershop and eBay would stand up to a third-party comparison. No objections could be raised against the business relationship.
Jochen Moll, spokesperson for Intershop Communications AG Management Board welcomed the decision: "We are delighted that it has been confirmed again by an independent party that the cooperation between Intershop and GSI is carried out under the appropriate conditions and thus does not harm our shareholders in any way. We hope that in the interests of all shareholders we have put an end to this matter and that we can now look to the future without reservation."
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.