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ots Ad hoc-Service: FORIS AG
FORIS Continues on Expansion Course
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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 growth.
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 risk management.
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 agreements.
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.
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