Munich, September 18, 2015 –Ecommerce Alliance AG (ISIN DE000A12UK08), which is listed on the Entry Standard of the Frankfurt Stock Exchange, is shareholder of wap-telecom GmbH. Wap-telecom’s management directors have notified us of their intention to apply for the opening of insolvency proceedings, because of impending insolvency arising from a failed restructuring plan due to a shortage in available funds.
Ecommerce Alliance AG is a 51% shareholder of wap-telecom GmbH. Insolvency of wap-telecom GmbH will significantly reduce projected consolidated revenues of the Ecommerce Alliance Group, though with only minimal impact on the Group’s operating income for 2015. In view of the emerging issues and actions executed last fiscal year, Ecommerce Alliance AG had not budgeted for any operating income from wap-telecom GmbH in 2015, and consequently adjusted the value of almost its entire shareholding in wap-telecom GmbH in the last fiscal year. The future business of Ecommerce Alliance AG remains essentially unaffected by wap-telecom GmbH’s insolvency – especially since the company revamped its strategy in the past few months by focusing heavily on its successful Services and Brands segments. With the positive development at these two innovative and profitable business units, Ecommerce Alliance AG plans to further develop these activities and to sustainably strengthen these units through acquisitions.
