Ad-hoc Press Release from Intertainment AG
Rüdiger Baeres moves to Supervisory Board of Intertainment
Achim Gerlach new Chairman and sole Member of the Board of Management
Ismaning near Munich, October 22, 2004 - Rüdiger Baeres (45), Chairman of the
Board of Management and principal shareholder in Intertainment AG, Ismaning near
Munich, will step down as Chairman of the media company at the Annual General
Meeting on October 29, 2004. His successor will be Chief Financial Officer Achim
Gerlach (44). He will head Intertainment as Chairman and sole Member of the
Board of Management. Intertainment will expand the Board of Management at an
appropri-ate time.
Baeres is leaving the Board of Management at Intertainment in order to move to
the Supervisory Board. This means he will continue to retain close contacts with
Intertainment. June 2004 saw a successful outcome in favor of Intertainment to
the lawsuit for fraud filed against American film producer Franchise Pictures
and other parties. Baeres was in charge of organizing the litigation and played
a major role in pursuing the action. Intertainment was granted damages amounting
to 121.7 million US dollars.
In his new function, he will provide support for Intertainment in the pending
arbitration proceedings against Comerica Bank and other companies relating to
the fraud perpe-trated on Franchise Pictures. These proceedings are scheduled to
commence next year. He will also provide advice on strategic issues. The move
has also relieved the strain placed on Intertainment by personnel costs. Baeres
already waived part of his salary last year.
The regular election for the Supervisory Board of Intertainment is due at this
year's Annual General Meeting. Baeres will put himself up for election there. By
mutual agreement of the Board of Management and the Supervisory Board, Dr.
Wilhelm Bahner will not put himself forward for re-election. Baeres founded
Intertainment in 1993 and he took the company to the stock market in 1999. At
present, he holds 52.9 percent of the shares in the company and a further 9.3
percent through an invest-ment company.
Achim Gerlach has been Chief Financial Officer of Intertainment since 1998.
Right from the start, the businessman has been dealing intensively with the
Franchise Pictures case and the financial effects it exerts on Intertainment.
End of the Press Release
Contact:
Intertainment AG, Investor Relations, Osterfeldstrasse 84, D-85737 Ismaning, Germany
Tel.: + 49 (0)89 21699-0, Fax: + 49 (0)89 21699-11
Internet: www.intertainment.de, E-mail: investor@intertainment.de