Ad-hoc | 23 October 2002 20:32

PSI AG english

PSI Discontinues Financial Support for Its Villingen Based Subsidiary Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– PSI Discontinues Financial Support for Its Villingen Based Subsidiary PSI Solutions PSI AG has announced that its subsidiary company, PSI Solutions GmbH, which employs 14 employees, has filed for bankruptcy at the district court in Stuttgart. In the ad hoc announcement of 11 October 2002 the new management team of PSI stated that the future PSI portfolio would be strictly oriented towards profitability. As a result, it was decided to withdraw financial support from the loss-making subsidiary. PSI purchased PSI Solutions GmbH, then called Solution Software GmbH, in 2001 from the bankrupt parent company, DITEC. Given that PSI Solutions has not been able to flexibly meet changes in the market which have taken place since that time, the most economical solution for PSI AG is the termination of financial support for the subsidiary. The PSI Solutions will encumber the PSI year-end results with approx. 0.5 million Euro, which has already been included in the annual forecast. The operational presence of PSI in the region Baden-Wuerttemberg is further secured by the locations Stuttgart, Leonberg and Karlsruhe. Contact Person: PSI AG Karsten Pierschke Manager Investor Relations Dircksenstraße 42-44 D-10178 Berlin Tel. +49 30 2801-2727 Fax +49 30 2801-1000 eMail: KPierschke@psi.de end of ad-hoc-announcement (c)DGAP 23.10.2002 ——————————————————————————– WKN: 696822; ISIN: DE0006968225; Index: Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Düsseldorf, Hamburg, München, Bremen, Hannover, Stuttgart 232032 Okt 02