CeoTronics AG

ots Ad hoc-Service: CeoTronics AG Swiss subsidiary receives tax refund

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    Rödermark (ots Ad hoc-Service) -      

    CeoTronics AG, Switzerland is to receive the previously withheld sales tax refund from the German tax authorities for the years 1993 to 1997 amounting to DM 1,589,747.00. This has been announced by the Finanzamt Konstanz (Constance tax authorities), which also stated that interest amounting DM 269,962.00 would be paid.

    This means that the provisions for risks set out in the 1998 Offering Prospectus of CeoTronics AG, Germany in respect of the tax dispute have now become irrelevant. The opinion of the company, which is listed on the Neuer Markt (German securities code number (WKN) 540 740), that CeoTronics AG, Switzerland is not a domiciliary company, but an active, independent enterprise, has now been acknowledged by the German tax authorities after seven years.

    Together with the refunds of corporation tax, trade tax, interest and expenses already received following the end of the tax dispute involving the Germany company, the CeoTronics Group's cash inflow amounting to around DM 2.5 million will also be used to finance the share buy-back program already announced. This will serve to increase the shareholder value of CeoTronics shares.

    further information

    CeoTronics AG Audio Video Data Communication Adam-Opel-Str. 6 63322 Rödermark Germany

    Tel.:+49 / (0)60 74 - 87 51 - 722 Fax.:+49 / (0)60 74 - 87 51 - 720


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