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Berlin, Bonn, Munich, New York (ots Ad hoc-Service) - FORIS AG,
market leader of litigation financing in Germany, is presenting its
semi-annual financial statements today and can look back on positive
development in the first half of 2000.
1. The demand for litigation financing increased by 20% in the
second quarter over the first. This positive development demonstrates
that FORIS' market position has further solidified, promising further
2. As the first provider on the market, FORIS' reduction of the
contingent percentage is leading to further reinforcement of the
positive demand trend. FORIS is thus aiming at litigation with high
amounts in controversy, at litigation with higher probabilities of
success, and above all at commercial clients opting for litigation
financing not due to financial problems but as a result of balanced
3. The current option volume of DM 85.5 million represents the
amount FORIS would earn if all cases financed were won. The company
anticipates a further increase in the third and particularly the
fourth quarters, as the new contingent percentage will take effect
with the corresponding delay conditioned by the conclusion of
4. Alone with the sale of shelf companies (i.e., limited liability
companies and joint stock corporations), FORIS has earned turnover in
the second quarter of DM 8.5 million, which represents a 60% increase
over the previous quarter. Gross rofit from this business segment
amounted to over DM 1 million in the first half. This business is to
be further heavily expanded.
5. The company's total turnover amounted to DM 14.5 million in the
first half. The concrete increase registered 74% in the second
quarter over the first and 4700% over the first half of 1999. Due to
growth the net loss amounts to DM 2.5 million. Based on the trend in
earnings to be expected in the second half of the year the Management
Board confirms its prognosis of a positive net annual profit.
6. FORIS is consistently pursuing the goal of becoming the central
Internet portal for the legal market. All lawyers meanwhile have the
opportunity to register online in the FORIS Lawyers Directory at no
charge. Clients can thus inform themselves at any time on the Net.
Further services such as the FORIS Academy and FORIS Translation
Service are available for attorneys. Further agreements are about to
be signed to expand the service range. The company will be reporting
about these soon.
7. Based on the Management Board's well-founded confidence in the
future corporate and share price development, the Board has
voluntarily agreed to extend the lockup obligation expiring in July
by a further 6 months.
For additional information: FORIS AG, Matterhornstr. 44, 14129
Berlin, phone: (+49 30) 8048-640, fax: (+49 30) 8048-6424, e-mail:
FORIS-Berlin@foris-ag.de Internet: www.foris-ag.de
End of Message
Original-Content von: FORIS AG, übermittelt durch news aktuell