Mosaic Software AG
Mosaic Software AG files for insolvency
MOSAIC SOFTWARE AG / Insolvency/Insolvency Release of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- Bonn April 4, 2008 – Today, the executive board of MOSAIC Software AG have filed their application for opening the insolvency proceedings with the district court (Amtsgericht) in Bonn due to illiquidity. This became necessary, because the company’s liquid assets will presumably be insufficient for the fulfillment of their due liabilities. The court will now examine the application and decide, whether this will be accepted and, if so, appoint an interim liquidator. With the medium-term aim of enabling the further profitable existence of MOSAIC Software AG, the company had increasingly strengthened their reorganisation measures and consolidation activities during the past two years. As of January 1, 2006 Rolf A Mugrauer was appointed member of the executive board of MOSAIC Software AG, thus replacing the company’s founder Assem F. Audi. After Fosi Audi retired from the executive board in November 2006, Mugrauer became sole executive manager. The consolidation activities, accompanied by drastic cost reductions, and the repositioning of MOSAIC Software AG as an EDI-outsourcing and process-consultancy firm as well as the return to financial services markets were strongly pushed by Mugrauer and showed success. However, time was too scarce to develop market potentials in the consulting field and for the innovative communications platform MOSAIC BXS, which was introduced to the market in the first quarter 2007. Therefore, the struggle to get the company back onto the road of success failed. All measures meant to overcome the crisis, as presented at the last annual general meeting, were introduced without delay. For quite some time, the company had been looking for a strategic investor as well as a buyer for the formerly used office building in Alsdorf near Aachen. Both would have provided the company with the urgently needed mezzanine money. Unfortunately, the negotiations potentially interested strategic partners and investors finally failed yesterday. MOSAIC SOFTWARE AG 10.04.2008 Financial News transmitted by DGAP ---------------------------------------------------------------------- Language: English Issuer: MOSAIC SOFTWARE AG Am Pannacker 3 53340 Meckenheim Deutschland Phone: +49 (0)222 5882-111 Fax: +49 (0)222 5882-485 E-mail: ir@mosaic-ag.com Internet: www.mosaic-ag.com ISIN: DE0007100208 WKN: 710020 Listed: Regulierter Markt in Frankfurt (General Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, München, Stuttgart End of News DGAP News-Service ---------------------------------------------------------------------------
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