MOSAIC SOFTWARE AG / Insolvency/Insolvency
10.04.2008
Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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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 companys 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 companys 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
DGAP 10.04.2008
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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
End of News DGAP News-Service
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DGAP-Adhoc: Mosaic Software AG files for insolvency
| Source: EQS Group AG