Bluehill ID AG
BLUEHILL ID COMPLETES STRUCTURE CHANGE
Bluehill ID AG / Statement Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- BLUEHILL ID COMPLETES STRUCTURE CHANGE St. Gallen, August 27, 2009 - Bluehill ID AG (FSE: BUQ) today announced the implementation of the previously announced structure change and the conversion of the convertible loan between the Company and Bluehill Capital Management. With the clear success of Bluehill ID in employing a strategy of 'buy, build & grow', the Board of Bluehill ID, based on strong recommendations from its management team, banking and legal advisors, had concluded that terminating the management company structure would be in the best interest of all of the stakeholders of Bluehill ID. On 25 May, the Annual General Meeting of Bluehill ID, with 68.5% of the votes present, unanimously endorsed the structure change. Subsequently all conditions precedent have been met and the structure change became effective as of 31 July. The change in structure that was announced in the press release of 6 May and in the annual report reflects Bluehill ID's corporate structure change from one of an investment fund with a separate management company (Bluehill Capital Management) to a normal industrial holding structure. In accordance with the earlier announcements and in line with the agreements approved by the AGM, Bluehill ID will exercise its option to convert the Bluehill Capital Management loan at CHF 1,- per share. With the exercise of the option Bluehill ID remains debt free and poised for future growth. Commenting on this announcement Ayman S. Ashour, CEO of Bluehill ID stated: 'We recognized that Bluehill ID needed to adjust its structure and move beyond the initial concept of an investment fund with a management fee based approach, towards a traditional high technology industrial group. The support of our shareholders was crucial for us and we thank them for the approval of this strategy.' Ashour added: 'I would also like to express my profound gratitude to the Mountain Partners Group, the founding partners of Bluehill ID, who have made the initial vision a reality. They brought tremendous financial backing, practical advice and hands on assistance, together with their expertise in early stage technology ventures and fund raising expertise. Their willingness and agreement to support the change in our structure is a clear validation of our success thus far.' About Bluehill ID AG Bluehill ID AG is an international company with headquarters in Switzerland and listed on the Frankfurt Stock Exchange (ISIN CH0031958629; Symbol BUQ). Bluehill ID is dedicated to the responsible use and development of RFID and other automatic identification technologies. These technologies are used in the fields of security, identification, tracking and further growing applications. The business model of the company is based on combining disciplined acquisitive growth with sustainable organic growth from Group companies. Contact Fabien Nestmann Tel: +41 44 78 38 043 Email: fbn@bluehill-id.com 27.08.2009 Financial News transmitted by DGAP ---------------------------------------------------------------------- Language: English Issuer: Bluehill ID AG Dufourstr. 121 CH-9001 St. Gallen Schweiz Phone: +41 44 783 8043 Fax: +41 44 783 8040 E-mail: contact@bluehill-id.com Internet: www.bluehill-id.com ISIN: CH0031958629, CH0038439490 WKN: A0MUR7 Listed: Open Market in Frankfurt End of News DGAP News-Service ---------------------------------------------------------------------------
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