Ad-hoc | 11 June 2001 08:24

Telegate AG english

Ad hoc announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– telegate won first-instance court case against BMW: BMW appeals at the last minute four months after telegate’s withdrawal from Formula 1 Munich, 11 June 2001. The Munich-based telegate AG has won its first-instance court case against BMW with regard to the company’s withdrawal from Formula 1 sponsoring. The judges decided that, although telegate must pay the pro rata sum of DM 2.4 million for the first 1.5 months of this year, the valid termination of the contract means telegate is not obliged to make any further payments. However, the company is not even prepared to accept this arbitration judgement and aims to obtain repayment of the whole DM 2.4 million in the coming weeks. telegate sees the chances of success as being good. As expected, BMW has decided to appeal. A second legal decision is expected in the coming months. Background: telegate sponsored the BMW-Williams Team in the 2000 Formula 1 season with the logo of its internet subsidiary 11880.com. During the season, the Allianz insurance company also became a sponsor, which led to a significant reduction in the advertising impact of telegate’s online portal. Together with the arrival of competitor MCI Worldcom as a BMW-Williams Formula 1 sponsor, this was unacceptable to the directory-inquiries service, which is also one of the leading telephone-information providers in the USA, and led to the company’s decision to withdraw from motor racing. Thus, the contractually agreed exclusivity had been infringed. However, the Munich-based car maker did not want to accept such a rapid end to the partnership and continued to demand payment. And this although the 11880.com logo was immediately removed from the Formula 1 car. The judges of the Munich District Court (Landgericht München 1) agreed with telegate AG and declared the contract to be terminated. According to information received by telegate AG, BMW submitted a last-minute appeal against this judgement. end of ad hoc announcement (c) DGAP 11.06.2001 Issuer’s information/explanatory remarks concerning this ad hoc announcement: Financial information: Press information: telegate AG telegate AG Wolfgang Brand Anja Meyer Fraunhoferstr. 12a Fraunhoferstr. 12a D-82152 München-Martinsried D-82152 München-Martinsried Tel.: +49 89 8954-1120 Tel.: +49 89 8954-1188 Fax: +49 89 8954-1110 Fax: +49 89 8954-1189 E-mail: wolfgang.brand@telegate.com E-mail: anja.meyer@telegate.com ——————————————————————————– WKN: 511880; Index: NEMAX 50 Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 110824 Jun 01