Fortune Management Inc.

euro adhoc: Fortune Management Inc.
Financially Distressed Companies / GATE-Participation Biodiesel Enns GmbH & Co. KG will file for insolvency/Other GATE-Companies are not affected

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Company Information


Zug/Switzerland, April 14 2008 - FORTUNE Management Inc. (General Standard, ISIN USU026281027; SIN: A0BLYY) informs, that Biodiesel Enns GmbH & Co. KG, Enns, Austria ("Biodiesel Enns") will file for insolvency tomorrow April 15th.

Biodiesel Enns is by 51 percent owned by Neckermann Renewables GmbH, a 100percent subsidiary of the GATE Group. Hereof Fortune Management Inc. holds a participation of 65 percent. The remaining 49 percent of Biodiesel Enns are owned by Invest Unternehmensbeteiligungs Aktiengesellschaft ("Invest AG"), a subsidiary of   Raiffeisenlandesbank Oberösterreich Aktiengesellschaft, Linz, Austria. Biodiesel Enns represents a refinery with an annual production capacity of about 100.000 tons of Biodiesel.

The reason for the insolvency is the decision of the lending bank and the parent company of Invest AG, the Raiffeisenlandesbank Oberösterreich Aktiengesellschaft, to deny Biodiesel Enns the use of an already established credit line. Therefore the current negotiations for the raw material supply, which would have secured the survival of Enns, failed. About 30 employees are concerned. Gate invested more than EURO 13 Million in Biodiesel Enns.

Other GATE-companies outside of Austria are not affected by the insolvency.

Profile of FORTUNE Management Inc.: FORTUNE Management Inc., Zug/Switzerland, is a publicly listed private equity firm. Its two business divisions are Private Equity Management and Principal Investments. Private Equity Management achieves consistent revenues from the management of specialized funds, whereas Principal Investments comprises direct investments (e.g. in bio-diesel manufacturer GATE or in the Swiss asset managers FORTUNE Wealth Management Group AG) with a view to capital gains. FORTUNE Management Inc. has subsidiaries in Zug, Zurich, Geneva, Luxemburg, Würzburg, Vienna and the Bahamas as well as a branch in Dubai. The company´s shares (ISIN: USU 026281027) are listed in the General Standard segment of Frankfurt Stock Exchange (symbol: FMI1) and on the DIFX in Dubai.

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ots Originaltext: Fortune Management Inc.
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Further inquiry note:
FORTUNE Management Inc.
Thomas Luber
Phone +49 69 9441 8069
Bahnhofstrasse 10
P.O. Box 324
CH-6301 Zug

Branche: Financial & Business Services
ISIN:      USU026281027
WKN:        A0BLYY
Börsen:  Börse Berlin / free trade
              Börse Stuttgart / free trade
              Börse Düsseldorf / free trade
              Börse Frankfurt / regulated dealing/general standard

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