EANS-News: asknet AG / Unscheduled provisions have negative impact on H1 results

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Company Information

Subtitle: +++ Tax authorities issue notification of interest charge
due to a formal error during VAT calculations for software publishers
+++ asknet assesses legal options and will apply for suspended
payment

Karlsruhe (euro adhoc) - July 20, 2011 - asknet AG, a leading
supplier of global eCommerce solutions for software and digital media
companies, today announced that during an internal audit of the
billing modalities with software publishers, formal errors were found
under tax law that resulted in incorrect credit notes being
electronically sent to individual software publishers. asknet AG
corrected these credit notes and sent them to the software publishers
in physical form as soon as the errors had been discovered. The
matter was reported to the tax authorities as part of the corrective
measures. On July 19, 2011, Karlsruhe Tax Office issued a
notification of interest charges to the amount of EUR 763 thousand.

asknet AG is currently assessing its legal options against this
notification of interest charges, as according to the judgment of the
European Court, interest should not be applied for corresponding
formal errors and the company will therefore apply for a suspension
of execution with the tax authorities in question. Regardless of the
potential outcome of the proceedings, this interest is being
recognized as an expense in the half-yearly financial statements and
will have negative impact on the half-yearly results.

The company will publish the half-year report 2011 on August 15,
2011.

About asknet asknet offers its clients customized outsourcing
solutions for global software sales via the Internet. Founded in 1995
as a spin-off of the Karlsruhe Institute of Technology (KIT, formerly
the University of Karlsruhe), the company has become a leading
independent global provider for electronic software distribution. In
addition to its fully integrated shop solutions for software
publishers, the company develops and maintains portals for software
distribution such as softwarehouse.de, one of Europe's largest
platform for downloads of standard software. In 2010, asknet posted
sales of approximately 72.7 million euros. asknet´s clients include
numerous providers of specialty software such as F-Secure, IS3, Nero,
NetObjects, Norman, and Panda Security. The company also supplies
software products to around eighty percent of German universities.

Further inquiry note:
Madeleine Clark
Tel.: +49 (0)721-96 458-6116
E-Mail: Madeleine.Clark@asknet.de

end of announcement euro adhoc
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company: asknet AG
Vincenz-Priessnitz-Str. 3
D-76131 Karlsruhe
phone: +49 (0)721 96 458 6369
FAX: +49 (0)721-96 45899
mail: info@asknet.de
WWW: http://www.asknet.de
sector: Electronic Commerce
ISIN: DE0005173306
indexes:
stockmarkets: free trade: Berlin, Stuttgart, Düsseldorf, München, Open Market /
Entry Standard: Frankfurt
language: English