ots Ad hoc-Service: AC-Service AG <DE0005110001> Preliminary Contract on Sale of Distribution Solutions Business Division
Stuttgart (ots Ad hoc-Service) -
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FAMAC division to pass to the bäurer group retroactively as of 1 October 2000. Personnel change on Board of Directors.
Stuttgart, 10 October 2000 - AC-Service has made another major step in aligning the entire corporation on IT Outsourcing, Human Resource Services and Application Service Providing by signing a preliminary contract for the sale of its Distribution Solutions business division to the bäurer Aktiengesellschaft in Hüfingen, a company that's also listed on the Neuer Markt of the Frankfurt Stock Exchange. Both companies' supervisory boards have approved the transaction. Based on this, the main contracts between the involved companies are also to be signed in the month of October 2000. These foresee 1 October 2000 as the accounting cut-off date, so that the transaction will then take effect on the books in the 4th quarter 2000.
This master agreement entails the transfer of the Distribution Solutions business division from AC-Service to bäurer. The division being sold includes the employment contracts with some 120 employees at sites in Vienna, Wels, Düsseldorf, Munich and Brussels; the licensing and brand-name rights to the AUDIAL, DIBAC, KORAC and FAMAC software solutions; as well as licensing and maintenance contracts with about 350 clients, mostly from the wholesaling field. This business division posted sales of DEM 12,3 million in the first six months of this financial year. Both parties have agreed not to discuss the sale price until further notice. Sal Oppenheim advised AC-Service on the transaction.
AC-Service's new alignment has also led to a change in the Board of Directors. The Supervisory Board dismissed Jürgen Thum from the Board of Directors effective 30 September 2000, and he left the company. While on the board, Thum held overall responsibility for the Distribution Solutions division until 31 December 1999, where he was also responsible for operational management of the division within Germany. Since 1 January 2000, the overall group-wide responsibility for the Distribution Solutions division has been in the hands of the former deputy division director Karl Rippel.
For further information, see www.ac-service.com
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