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Vtion Wireless Technology AG plans a Management Buyout of its subsidiary Vtion Anzhuo
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0 KommentareDGAP-News: Vtion Wireless Technology AG / Key word(s): Investment
Vtion Wireless Technology AG plans a Management Buyout of its
subsidiary Vtion Anzhuo
23.03.2015 / 17:44
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Vtion Wireless Technology AG plans a Management Buyout of its subsidiary
Vtion Anzhuo
Frankfurt, 23 March 2015. The Supervisory Board has approved today that
Vtion Wireless Technology AG (Vtion AG) sells the 100 per cent of equity
stake of its subsidiary Vtion Anzhou. The shareholding offers
software-related business services which consists of a customized appstore
for the system Android as well as insurance industry solutions. Vtion
Anzhuo only generated an insignificant part to the over-all revenues of the
group and has made an operating loss in the past three years.
In this period, Vtion Anzhuo could not achieve the striven growth
objectives and profitability targets. The Management Board anticipates the
operating loss to be continued in the next few years. After comprehensive
assessment, the Management Board and Supervisory Board of Vtion AG took the
decision to sell the whole equity stake of Vtion Anzhuo to the Vtion Anzhuo
management team via a management buyout.
For this acquisition, the "Ruihua Certified Public Accountants" were
commissioned as an independent third party to evaluate the fair value of
Vtion Anzhou. They composed an official valuation report for the
transaction and determined the arm's length price. The disposal price for
Vtion Anzhuo is ascertained at 6 million RMB (approx. 0.9 million Euros).
After divesting the software-related businesses of Vtion Anzhuo and the
industry specific computing solutions, the Management Board permanently
evaluates and reconsiders the business strategy of Vtion AG on the
company's historic core competency of wireless data terminals. In order to
avoid the margin pressure typically associated with hardware-centric
businesses, the company will seek to develop more customized products over
the course of 2015.
For further information, please contact:
Kirchhoff Consult AG
Andreas Friedemann, phone: +49 40 60 91 86 50,
andreas.friedemann@kirchhoff.de
or visit the company website at: www.vtion.de
Disclaimer concerning prognoses
Certain statements in this communication contain formulations or terms
referring to the future or future developments, as well as negations of
such formulations or terms, or similar terminology. These are described as
forward-looking statements. In addition, all information in this
communication regarding planned or future results of business segments,
financial classification numbers, developments of the financial situation,
or other financial or statistical data contains such forward-looking
statements. The company cautions prospective investors not to rely on such
forward-looking statements as certain prognoses of actual future events and
developments. The company is neither responsible nor liable for these
forward-looking statements. It is not responsible for updating such
information, which only represents the state of affairs on the day of
publication.
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23.03.2015 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Vtion Wireless Technology AG
Westhafenplatz 1 (Westfalen Tower)
60327 Frankfurt
Germany
Phone: +49 69 710 456 245
Fax: +49 69 710 456 248
E-mail: ir@vtion.de,Janina.schumann@kirchhoff.de
Internet: www.vtion.de
ISIN: DE000CHEN993
WKN: CHEN99
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich,
Stuttgart
End of News DGAP News-Service
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336335 23.03.2015
Vtion Wireless Technology AG plans a Management Buyout of its subsidiary
Vtion Anzhuo
Frankfurt, 23 March 2015. The Supervisory Board has approved today that
Vtion Wireless Technology AG (Vtion AG) sells the 100 per cent of equity
stake of its subsidiary Vtion Anzhou. The shareholding offers
software-related business services which consists of a customized appstore
for the system Android as well as insurance industry solutions. Vtion
Anzhuo only generated an insignificant part to the over-all revenues of the
group and has made an operating loss in the past three years.
In this period, Vtion Anzhuo could not achieve the striven growth
objectives and profitability targets. The Management Board anticipates the
operating loss to be continued in the next few years. After comprehensive
assessment, the Management Board and Supervisory Board of Vtion AG took the
decision to sell the whole equity stake of Vtion Anzhuo to the Vtion Anzhuo
management team via a management buyout.
For this acquisition, the "Ruihua Certified Public Accountants" were
commissioned as an independent third party to evaluate the fair value of
Vtion Anzhou. They composed an official valuation report for the
transaction and determined the arm's length price. The disposal price for
Vtion Anzhuo is ascertained at 6 million RMB (approx. 0.9 million Euros).
After divesting the software-related businesses of Vtion Anzhuo and the
industry specific computing solutions, the Management Board permanently
evaluates and reconsiders the business strategy of Vtion AG on the
company's historic core competency of wireless data terminals. In order to
avoid the margin pressure typically associated with hardware-centric
businesses, the company will seek to develop more customized products over
the course of 2015.
For further information, please contact:
Kirchhoff Consult AG
Andreas Friedemann, phone: +49 40 60 91 86 50,
andreas.friedemann@kirchhoff.de
or visit the company website at: www.vtion.de
Disclaimer concerning prognoses
Certain statements in this communication contain formulations or terms
referring to the future or future developments, as well as negations of
such formulations or terms, or similar terminology. These are described as
forward-looking statements. In addition, all information in this
communication regarding planned or future results of business segments,
financial classification numbers, developments of the financial situation,
or other financial or statistical data contains such forward-looking
statements. The company cautions prospective investors not to rely on such
forward-looking statements as certain prognoses of actual future events and
developments. The company is neither responsible nor liable for these
forward-looking statements. It is not responsible for updating such
information, which only represents the state of affairs on the day of
publication.
---------------------------------------------------------------------
23.03.2015 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
Language: English
Company: Vtion Wireless Technology AG
Westhafenplatz 1 (Westfalen Tower)
60327 Frankfurt
Germany
Phone: +49 69 710 456 245
Fax: +49 69 710 456 248
E-mail: ir@vtion.de,Janina.schumann@kirchhoff.de
Internet: www.vtion.de
ISIN: DE000CHEN993
WKN: CHEN99
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich,
Stuttgart
End of News DGAP News-Service
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336335 23.03.2015
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