BIODATA Information Technology AG
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Biodata Claims Compensation Against Former Board Members
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Biodata Claims Compensation Against Former Board Members
Damages caused by order in Australia.
Lichtenfels, 25 October, 2001. Biodata Information Technology AG claims
compensation against the former Board members Tan Siekmann and Stefan Schraps
amounting to US$ 4.415 million. The claims are based on inconsistencies in the
context of a large order in Australia.
On 24 August, 2000, the IT security company had announced an allegedly large
order in Australia. Via service partner Alphagen Pty. Ltd. up to 6,000 firewalls
were supposed to be installed for monthly rental. The project was to generate
additional revenues of circa 20 million Euro per year after complete
installation. It was based on a conditional purchase order from Alphagen to
Biodata Australia.
Even though the contract did not become reality due to conditional clauses, both
Board members Tan Siekmann (CEO) and Stefan Schraps (COO) initiated production
of the necessary boxes. Consequently, Biodata suffered avoidable damages of at
least US$ 4.415 million. Tan Siekmann and Stefan Schraps are responsible for the
publication of the Australia deal, production of the boxes, and failed
cancellation of production in time.
In the context of a restructuring process, Biodata meanwhile laid off 60
employees in Germany and Switzerland. The non-profitable subsidiary Biodata
Security Maintenance GmbH in Munich with 20 employees declared insolvency.
In short, additional actions in the course of the restructuring process will be
announced. The reforms will be based on the findings of an external auditor.
end of ad-hoc-announcement (c)DGAP 25.10.2001
Issuer’s information/explanatory remarks concerning this ad-hoc-announcement:
Internal revision showed that the Australia deal covered only 4,000 firewalls.
The purchase order was based on two conditions: Biodata should meet all of
Alphagen’s technical issues by the 1 September, and the Australian Post as
Alphagen’s customer should supply an unconditional purchase order on 5 September
2000. Both conditions were never met.
At the end of August, Biodata Information Technology Singapore Pte Ltd. verbally
ordered the production of 6,000 firewalls in Asia. On 8 September, 2000, the
Biodata logistics center in Switzerland placed a written order to produce 2,000
plus 4,000 firewalls in Asia despite of the fact that the conditions in the
contract were not met. On 4 February, 2001, Board member Stefan Schraps stopped
the production of the final 4,000 firewalls. However, the supplier had already
purchased the hardware components. Biodata suffered damages worth US$ 4.415
million.
The former Board members were asked to pay the damage until 2 November, 2001,
otherwise the company will bring the action before a court.
For more information, please contact:
Biodata Information Technology AG, Burg Lichtenfels, 35104 Lichtenfels
Tel. +49 (0) 6454 / 9120-118 or Tel. +49 (0) 6454 / 9120-132, Fax +49 (0) 6454 /
9120-180
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252219 Okt 01
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