Ad-hoc Press Release from
Intertainment AG
Pursuant to § 15 Securities Trading Act (WpHG)
Intertainment agrees repayment modalities with Albis Finance
Munich, May 23, 2006 - Intertainment AG and Intertainment Licensing GmbH, Munich, on the one hand and Albis Finance AG, Hamburg, on the other hand have reached agreement on repayment modalities relating to claims amounting to some 15 million euros. This agreement states that Intertainment will pay Albis the sum of 9 million euros in several tranches by the end of 2008. The reimbursement of an additional amount of 5 million euros is linked to the level of income that Intertainment may achieve from the legal disputes being pursued in the USA.
In February 2006, Albis acquired from HypoVereinsbank guarantee claims against Intertainment AG resulting from an agreement with HypoVereinsbank dated June 25, 2001. In addition, Albis Finanz also acquired the loan claims of HVB against Intertainment Licensing GmbH itself.
The agreement between Intertainment and Albis Finance is subject to the suspensive condition that Intertainment withdraw the application for opening insolvency proceedings filed for Intertainment AG and Intertainment Licensing GmbH in January 2006, and under the resolutory condition that no renewed application for opening insolvency proceedings is filed up until September 30, 2006 and that the stock sale contract between the Kinowelt Group and Mr. Baeres can also be closed within this period of time.
End of the Ad-hoc Press Release
Contact:
Intertainment AG, Investor Relations
Frauenplatz 7, 80331 Munich, Germany
Telephone: +49 (0)89 21699-0
Fax: +49 (0)89 21699-11
Internet: www.intertainment.de
E-Mail: investor@intertainment.de