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JoWooD Entertainment AG

EANS-Adhoc: JoWooD Entertainment AG files lawsuit demanding payment of EUR 2.36 million based on the shortfall of the value of an in kind capital contribution

  ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
  distribution. The issuer is solely responsible for the content of this
  announcement.
05.01.2011
Vienna Stock Exchange listed JoWooD Entertainment AG (ISIN 
AT0000747357) today filed a law suit against KOCH Media GmbH 
demanding payment of an amount of EUR 2.36 million plus interest.
JoWooD asserts that the accounts receivables, which were contributed 
by KOCH Media GmbH as an in kind capital contribution in the course 
of JoWooD's capital increase in January 2006, were overvalued: In 
that capital increase JoWooD had issued a total of 6.4 million new 
shares to KOCH Media GmbH for an aggregate issue price of EUR 6.4 
million. However, the accounts receivables contributed by KOCH Media 
GmbH in exchange for those newly issued shares had, according to 
calculations made by JoWooD and confirmed by an accounting firm, a 
value of only EUR 4.04 million. In its law suit filed with the 
Commercial Court Vienna, JoWooD therefore claims an amount of EUR 
2.36 million (plus interest) representing the difference between the 
aggregate issue price of the newly is-sued shares and the value of 
the contributed accounts receivables. JoWooD's claim is based on the 
Austrian corporate law principle according to which any person that 
contributes assets to a corporation by way of a contribution in kind 
and receives newly issued shares in exchange therefor shall be liable
for any shortfall in the value of the contributed assets irrespective
of fault (Differenzhaftung des Sacheinlegers). With a view to 
JoWooD's strained financial situation and based on corporate law 
considerations, the company's management board today decided to file 
the law suit in the company's and its shareholders' interest.
Despite the uncertainties that are always involved when filing a 
claim in court, JoWooD believes that its claim is justified. JoWooD 
expects that a final court decision will be rendered only after 
tedious proceedings that could last for several years. The outcome of
the proceedings will not affect the effectiveness of JoWooD's January
2006 capital increase against contribution in kind.
end of announcement                               euro adhoc

Further inquiry note:

JoWooD Entertainment AG
Ing. Mag. Franz Rossler, Vorstand
Mag. Philipp Brock, Investor Relations
Tel.: +43 (0)1 37909
mailto:investor@jowood.com
http://corporate.jowood.com

Branche: Software
ISIN: AT0000747357
WKN: 935221
Index: WBI, ViDX, mid market
Börsen: Berlin / free trade
Frankfurt / free trade
Stuttgart / free trade
München / free trade
Wien / Regulated free trade

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