DGAP-News

paragon Holds Virtual Annual General Meeting in Delbrück - Seite 2

In the current year, paragon has again already moved beyond the disruptions caused by the shutdown of the car manufacturers. The company responded to the situation beginning in the second half of March with active working capital management and a tightening of cost-cutting measures.

The management expressly thanked the Group's employees for their dedication in 2019 and especially in this current period.

The management of the paragon Group used the occasion to once again explain the decision to sell its Voltabox subsidiary, as well as related perspectives, and to discuss the current status of the sale process. "The decision is a piece of the mosaic on our way to creating a new paragon Group that is focused, consolidates its strengths and will finally be more present and clearly visible on the market than before," stressed Klaus Dieter Frers. He also emphasized that the proceeds from the sale are to be used to reduce debt and invest in the automotive business, but not, as is often assumed, to offset the coronavirus-related loss of liquidity. "Our financial position has been stabilized through strict liquidity management. Further measures with considerable liquidity potential have been initiated in recent months and have in part already been implemented."

In his speech, Dr. Matthias Schöllmann, Managing Director of Automotive, focused on the future orientation of the product portfolio. Under the title "The paragon 2021," management has developed a target that outlines the short and medium-term development of the Group. "With an awareness of our market position and our opportunities, we are starting the next stage of expansion - just in time for the separation from Voltabox and thus our concentration on the automotive business," Dr. Schöllmann explained. "We see ourselves as a technology company. One that increasingly recognizes its software expertise as the basis for further products."

The Annual General Meeting expressed its confidence in the members of the Management and the Supervisory Board of paragon GmbH & Co. KGaA for fiscal year 2019 by a large majority and approved all items on the agenda. The company publishes the detailed voting results on the items on the agenda under the section Hauptversammlung on its website at https://ir.paragon.ag.