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ots Ad hoc-Service: AG takes over tele-betting for German flat racing

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    Kiel (ots Ad hoc-Service) -      

    - Takeover of Telewetten GmbH - Availability of horsebetting via "Telewette" n-tv show - Development of the largest cross-media betting platform in Germany - Financing assured via a capital increase AG, of Kiel, has concluded a basic agreement with the Cologne-based Directorate of Thoroughbred Breeding and Racing (DVR) on the establishment of an extensive, exclusive partnership to market horsebetting via the telephone and the Internet. The DVR is the umbrella organisation of German flat racing, bringing together all racing clubs, racecourses and horse breeding associations in Germany. Through the agreement, will acquire a majority in the Cologne-based Telewetten GmbH from DVR. This company, which specialises in telephone-based horsebetting, generated total bets in excess of DM 16 million in 1999. The marketing of tele-betting on horse races will be promoted by the news television station n-tv. The weekly "Telewette" feature is the only TV programme in Germany to carry regular live reports on flat racing and to provide an opportunity for placing bets by telephone on the races being covered. This agreement makes the first and so far only company in Germany to market and sell television-based betting on horse races by Internet and telephone. has moreover been able to secure an exclusive partnership agreement with DVR, the only official body in this market. The agreement has yet to be approved by the executive bodies of the DVR and the Supervisory Board of AG. The financing of the transaction is more than covered by today's capital increase of 50,000 shares from the approved capital of AG, as a result of which the company's cash resources will not be adversely affected. The Supervisory Board has approved the capital increase, which takes the form of new shares placed with institutional investors, excluding the subscription rights of existing shareholders.

    Contact: AG, Investor Relations,     Stefan Zenker,     Tel.+49.40.85 37 88 47

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