CeoTronics AG

ots Ad hoc-Service: CeoTronics AG Tax battle is over, repayment expected

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    Rödermark (ots Ad hoc-Service) -  

CeoTronics AG, Rödermark (Germany) will withdraw the action it had filed with the Hessisches Finanzgericht (Hessen Finance Court) against the Finanzamt Offenbach/Main (tax authorities). CeoTronics AG's opinions regarding the facts that led to the company's excess tax payments in 1989 - 1992 were mainly confirmed in a mutual agreement procedure: CeoTronics AG now expects to receive a tax refund of approx. 550.000,- DM, including interest. Shareholders can look forward to this extraordinary income in fiscal year 1999/2000.

The company now expects the tax refund proceedings for sales tax in 1993 to 1997 brought by Ceotronics AG, Switzerland, to also have a positive outcome for the CeoTronics Group. "There is no longer any reason for the tax authorities to continue to retain the approx. DM 1.6 million in sales tax plus interest," said Hans-Dieter Günther, Chairman of the Managing Board.

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