Bluehill ID AG
PRIMION AGAIN REFUSES TO CALL FOR AN EXTRAORDINARY SHAREHOLDERS MEETING AND SPECIAL AUDIT
Bluehill ID AG / Statement Announcement, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- PRIMION AGAIN REFUSES TO CALL FOR AN EXTRAORDINARY SHAREHOLDERS MEETING AND SPECIAL AUDIT - Bluehill ID call for EGM to clear up significant drop in earnings - Shortfall in earnings remains unexplained St. Gallen, November 20, 2008 –Bluehill ID AG (Symbol BUQ.F/BUQ.DE, www.bluehill-id.com) announces the Primion Management Board has refused the company’s request of November 10 for the call of an EGM. Bluehill ID being the second biggest shareholder in Primion with current shareholdings of more than 20%, had requested the Primion Management Board to hold an EGM in order for all shareholders to decide upon a special audit relating to the surprising change in earnings forecast announced for 2007/08. Primion had announced a dramatic drop in earnings before taxes (EBIT) to EUR 1 million for this year after having confirmed a target of EUR 3.4 million in August of this year. The reply to the request by received by Bluehill ID from Primion’s lawyers offers virtually no comment with regard to the missed financial targets. It solely argues an EGM would not be necessary taking into consideration the planned AGM for March 4, 2009. Ayman S. Ashour, CEO of Bluehill ID commented on the letter: 'The reaction of Primion is disappointing, it shows they are not interested in a fast clear up of the circumstances leading to the significant drop in the earnings forecast. The lack of transparency on the content and the timing of the earnings forecast announcement leaves many questions unanswered some of which are critical to Bluehill ID and other remaining shareholders with regards to the valuation of Primion and the tender offer of Azkoyen.' The exact wording of the letter to Bluehill ID will be available on the Bluehill website shortly. About Bluehill ID AG Bluehill ID AG is an international operating 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 portfolio companies. Contact Fabian Kirchmann IR.on AG Tel: +49 172 24 699 54 fabian.kirchmann@ir-on.com 20.11.2008 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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