EQS Group-Ad-hoc: Airopack Technology Group AG / Key word(s): Financing
Airopack Technology Group AG: announces first findings of the new management
team and initial conclusions of the Board of Directors
16-Jan-2019 / 06:54 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
The issuer is solely responsible for the content of this announcement.
/
Airopack Technology Group announces first findings of
the new management team and initial conclusions of the Board of Directors
*Baar, 16 January 2019* - Airopack Technology Group AG ("*Airopack*")
announced previously (see press release dated 11 January 2019) that the new
management team under the lead of Antoine Kohler as interim CEO initiated an
investigation and review of the Airopack's financial statements and past
management practices. For this purpose, Airopack has instructed
PricewaterhouseCoopers Ltd. ("*PwC*").
In the meantime, PwC has presented its findings in a draft investigation
report (the "*PwC Report*") made available to the Board of Directors in the
course of 15 January 2019. Based on the findings presented in the PwC
Report, Airopack's Board of Directors is of the view that:
- the previously issued consolidated financial statements for the first half
of 2018 have to be restated. Based on the findings of the PwC Report, the
Board of Directors currently estimates that the revenue for the first half
of 2018 need to be downward adjusted in the range of approx. EUR4m to EUR5m;
and
- there is an additional need to thoroughly investigate certain historic
sales and accounting practices.
Furthermore, based on the PwC Report and the resulting adjustments to
Airopack's financial statements (in particular, lower than expected sales),
the full year 2018 results are expected to significantly fall short of what
Airopack has expected in the context of its previously announced
recapitalisation plan (see press release dated 30 November 2018).
The Board of Directors and the new management team are currently
re-evaluating Airopack's business plan and the impact on funding
requirements as a basis for the ongoing refinancing and recapitalisation
process. The financial outlook communicated with the recapitalisation plan
has been significantly reassessed. The EBITDA breakeven level is not
expected to be reached before the first half of 2020.
The Board of Directors is of the opinion that the future of the group is
heavily dependent on a comprehensive refinancing and recapitalisation that
would refinance the existing indebtedness and provide the liquidity needed
to ramp-up the business. Absent a recapitalisation or an alternative
transaction, the group might not be able to continue to trade. Airopack will
continue the dialogue with the relevant stakeholders and the Board of
Directors expects to communicate further details in due course.
With respect to the recently announced resignations of members of the Board
of Directors (see press release dated 15 January 2019), the Board of
Directors will convene a shareholders meeting as soon as reasonably possible
to appoint new board members to ensure compliance with company bylaws.
*Contacts:*
Airopack Technology Group AG
Antoine Kohler, Chairman
Blegistrasse 5/1 OG
CH-6340 Baar
TF: +41 41 768 50 50
www.airopackgroup.com [1]
For investors:
Airopack Technology Group AG
Martin Eberhard
martin.eberhard@rimesa.ch
TF: +41 79 209 77 50
For media:
Tolxdorff Eicher Kollektivgesellschaft
Daniel Eicher / Theresia Tolxdorff
partners@tolxdorffeicher.ch
TF: +41 44 718 25 25
*The Company*
Airopack Technology Group AG is a leading developer and supplier
of mechanical and pressure-controlled dispensing packaging
technologies and systems for manufacturers and suppliers of
cosmetics, body care, pharmaceutical and food products. The
revolutionary and worldwide and solely by ATG patented
Airopack(R) technology offers a safe, all-plastic pressurized
dispenser that is environmentally and planet friendly
Airopack Technology Group operates a Airopack Ready to Fill
manufacturing facility in Waalwijk, The Netherlands and a
Full-Service Filling operation in Heist-op-den-Berg Belgium
(Airosolutions) as well as a manufacturing plant for filling
equipment in Houten, The Netherlands (Airofiller Equipment
Solutions), The Global Research and Development Team, the
Airopack Global Management and Customer Service Organisation are
located in Waalwijk, The Netherlands.
The shares of the company are listed on the Swiss Reporting
Standard of the SIX Swiss Exchange since 2010. (Ticker: AIRN /
ISIN: CH0242606942).
*Disclaimer*
This Ad Hoc Release / Press Release may contain certain
forward-looking statements. In some cases forward looking
statements can be identified by the use of terms such as
"believes", "enables", "estimates", "anticipates", "projects",
"expects", "intends", "may", "will", "seeks" or "should" or
variations thereof, or by discussions of strategy, plans,
objectives, goals, future events or intentions. By their nature,
forward-looking statements involve risk and uncertainty because
they relate to future events and circumstances.
Actual outcomes and results may differ materially from any
outcomes or results expressed or implied by such forward-looking
statements. The success or achievement of various results,
targets and objectives is dependent upon a multitude of factors,
many of which are beyond the control of Airopack. No
representations are made as to the accuracy of such statements
or that such results, targets or objectives will be realized.
www.airopackgroup.com
End of ad hoc announcement
Language: English
Company: Airopack Technology Group AG
Blegistrasse 5
6340 Baar
Switzerland
Phone: +41 417663500
Fax: +41 417663509
E-mail: liebwin.vanlil@airopackgroup.com
Internet: www.airopackgroup.com
ISIN: CH0242606942
Listed: SIX Swiss Exchange
End of Announcement EQS Group News Service
766509 16-Jan-2019 CET/CEST
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=26ec27d0679301fe63ce8a1daf26a8df&application_id=766509&site_id=vwd&application_name=news
(END) Dow Jones Newswires
January 16, 2019 00:54 ET (05:54 GMT)
