Advanced Medien AG

euro adhoc: Advanced Medien AG
US Bank files lawsuit against German subsidiary of Advanced Medien AG (E)

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Advanced Medien AG (securities identification number 509300) today announced that US-based Comerica Bank filed a lawsuit against Advanced Licencing GmbH, a subsidiary of Advanced Medien AG, with a US court of law. The lawsuit for payment of USD 2,087,000 is based on loans granted by Comerica Bank to Unified Film Organization LLC, Los Angeles (UFO), a 51% subsidiary of Advanced Medien AG, for the production of motion pictures.

Advanced Medien AG is not directly affected by the action because it is not liable for trade accounts payable of its subsidiary Advanced Licencing GmbH, which since December 21, 2002, has been operating under its previous name of TSC Technische Systeme Consult GmbH. Furthermore, Advanced Medien AG is not liable vis-à-vis Comerica Bank for bank liabilities of its subsidiary UFO. The management board does not believe that the lawsuit filed by Comerica Bank against Advanced Licencing/TSC will jeopardize Advanced Medien AG.

Four of the six film productions in question, which account for USD 1.7 million of the lawsuit, were cancelled by Advanced Licencing in October 2002 because UFO had been unable to deliver them on time. At the same time, Advanced Licencing demanded the repayment of payments on account in the amount of USD 300,000.

Comerica Bank claims payment of USD 387,000 for the remaining two film productions. The films have already been delivered and accepted. Advanced Licencing paid 70% of the agreed licensing fees of USD 1.22 million. According to the records of Advanced Licencing GmbH, the amount outstanding is therefore only USD 367,000. An agreement regarding this remaining liability was reached in settlement negotiations with Comerica Bank in 2002. However, due to the cancellation of the four other film licencing agreements that had not been delivered, Comerica Bank later refused to sign the settlement agreement although Advanced Medien believes that a binding agreement had already been reached.

The management board

end of announcement            euro adhoc 22.01.2003

Further inquiry note: Susanne Rehm Tel.: +49(089)613805-0 Email:

Branche: Media
ISIN:      DE0005093009
WKN:        509300
Index:    Nemax All Share
Börsen:  Baden-Württembergische Wertpapierbörse / free trade
              Bayerische Börse / free trade
              Berliner Wertpapierbörse / free trade
              Börse Düsseldorf / free trade
              Niedersächsische Börse zu Hannover / free trade
              Frankfurter Wertpapierbörse / Neuer Markt

Weitere Meldungen: Advanced Medien AG

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