New Activities Aimed at Damaging Thielerts Reputation
Hamburg (euro adhoc) -
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Hamburg - Last week, certain persons - who remain anonymous or using aliases - again distributed documents also included in the anonymous report of criminal offenses against Thielert AG. Again, material was distributed to multipliers such as journalists and analysts. Again, extracts of the anonymous report of criminal offenses were edited. The goal was again to construe evidence to show that Thielert allegedly issued fictitious invoices in 2004. The extent of the libel and defamation was, however, reduced significantly. Accordingly, the anonymous informers tell e.g. a tale about the following: Thielert allegedly reported an open receivable against an aircraft manufacturer, meanwhile being in insolvency, in an amount of EUR 2.15 million as of December 31, 2004, while said aircraft manufacturer only reported a payable of EUR 0.25 million. Somebody interested in the truth would have inquired with Thielert and the insolvency administrator of the aircraft manufacturer. One would have ascertained immediately that the aircraft manufacturer had corrected its book entry. As a consequence of this book entry, the entire account payable in the amount of EUR 2.15 million was reported in the books of the aircraft manufacturer in 2005 instead of 2004. In 2005, the entire receivable was paid and accordingly no longer exists. Until now, the activities against Thielert occurred in three waves. The first wave at the beginning of October pushed the stock exchange price down by more than 40% temporarily. The second wave around the middle of October pushed the stock exchange price down by about 10%, after it had previously recovered by nearly 28%. The third wave resulted in a mere loss of approximately 5%, from which the price is recovering. All waves were preceded by increased large trade volumes. Thielert AG deliberately refrains from speculating about the aim pursued by the anonymous informers. The efforts to damage Thielert are flanked by publications in Internet forums, whose authors are also anonymous of course and have been active under fantasy names for only a few weeks. The machinations are becoming increasingly grotesque in so far as it is alleged that Thielert AG does not have products at all and merely exists through fictitious invoices. Thielert engines have been operating in general aviation and unmanned aerial vehicles for years. Far in excess of 1,500 engines have been built and sold. The use and deployment of Thielert engines is documented in manifold ways, inter alia, in more than fifty flight tests by specialized journals, through the documentation of European, American, and Asian aviation authorities, and in more than 300,000 cumulative flight hours in clubs, flight training schools, and by private pilots. Thielert is audited by customers or administrative bodies on more than 150 days each year regarding its production, quality, and documentation. It must be emphasized that Thielert is a traditional industrial enterprise with tangible products, which finds itself faced with a campaign. Fundamentally the Thielert AG offers, to answer objectively and complete all further questions concerning the receivables of the year 2004 - and only those ones are affected by the anonymous allegations - because it is always the same accusations being launched to further media and market participants.
end of announcement euro adhoc 13.11.2006 09:25:56
Further inquiry note:
Sebastian Wentzler
Head of Corporate Communication
Telefon: +49(0)40/696950-35
E-Mail: press@thielert.com
Branche: Market research
ISIN: DE0006052079
WKN: 605207
Index: SDAX, CDAX, Prime All Share, Classic All Share
Börsen: Frankfurter Wertpapierbörse / official dealing/prime standard
Börse Berlin-Bremen / free trade
Hamburger Wertpapierbörse / free trade
Baden-Württembergische Wertpapierbörse / free trade
Börse Düsseldorf / free trade
Bayerische Börse / free trade