Airopack Technology Group starts procedure to terminate JV with Resilux Donnerstag, 07. Januar 2016 - 07:26

Airopack Technology Group AG / Key word(s): Miscellaneous
Airopack Technology Group starts procedure to terminate JV with Resilux

07.01.2016 / 07:25
Release of an ad hoc announcement pursuant to Art. 53 KR.
The issuer is solely responsible for the content of this announcement.

---------------------------------------------------------------------------

Airopack Technology Group starts procedure to terminate JV with Resilux

  - Deadlock notice served to Resilux regarding Airolux joint venture

  - Actions being taken as Resilux has refused to constructively engage  

  - ATG remains determined to unlock growth potential of Airopack

Baar, 7th January 2016 - Airopack Technology Group AG ("ATG") today
announces that it has undertaken steps to initiate a formal termination of
its Airolux AG ("Airolux") joint venture with Resilux NV ("Resilux"). ATG
believes Resilux cannot provide sufficient strategic support to the joint
venture to achieve the Airopack technology's unique growth potential and to
meet customer demands. ATG's actions are being commenced given Resilux's
lack of support in the JV and after Resilux has refused to constructively
engage with regard to the offer made on 14th December 2015 to acquire
Resilux's stake in the joint venture.

Following Resilux's lack of engagement, ATG has issued a Deadlock Notice to
Resilux under the terms of the Airolux joint venture agreement, which will
allow ATG to initiate procedures terminating the relationship. Previously,
ATG presented Resilux an offer to acquire the Airolux stake from Resilux,
including full repayment of all Resilux's outstanding shareholder loans and
financial debts, alongside a long-term supply agreement for PET preforms
and container parts. ATG is following a thorough process, including
properly and sufficiently informing Resilux.

On 17th December 2015 ATG announced that it had initiated discussions with
Resilux to undertake an acquisition of its 50% stake in Airolux and that it
had entered into a transaction with funds managed by affiliates of Apollo
Global Management, LLC (intended, in part, to finance the buy-out). The
buy-out of the joint venture will allow ATG to accelerate the Airopack
growth potential, improve time to market, reduce costs, and enhance the
organizational footprint.

ATG remains resolute in its intention to acquire Resilux's stake, and is
proceeding with steps towards a formal termination of the relationship,
which are clearly set out in the joint venture agreement with defined steps
and timelines.

ATG's serving of the deadlock notice will have no impact on day-to-day
operations and Airolux will continue production in the normal course of
business.

ATG also refers to its press release of the 17th December 2015 "Strategic
Partnership with funds affiliated with Apollo Global Management".

Further announcements will be made if and when appropriate.

For more information:

Investors:       Media:

Airopack Technology Group AG     Hill + Knowlton Strategies
Quint Kelders, CEO / Frans van der Vorst, CFO   Frans van der Grint
Zugerstrasse 76b      T: +31 (0) 20 404 4707 / M: + 31 (0) 6 29044053
CH-6340 Baar       E-Mail: frans.vandergrint@hkstrategies.com
TF: +31 416 300 800
E-Mail: quint.kelders@airopackgroup.com 
frans.vandervorst@airopackgroup.com
www.airopackgroup.com

 

<pre>


Airopack Technology Group AG is a leading developer and supplier of
mechanical and pressure-controlled dispensing packaging technologies and
systems for manufacturers and suppliers of cosmetics, body care,
pharmaceutical and food products. The revolutionary and worldwide patented
Airopack(R) technology offers a safe, all-plastic pressurized dispenser
that
is environmentally friendly: no inhalation risks, no propellants and no
unnecessary waste. Unlike other pressurized dispensers that use propellants
Airopack(R) uses just normal compressed air which results in dispensing a
formulation at constant pressure from start to finish.

Airopack Group does not only offer this patented technology but also has a
Full-service operation. With this Full-service operation Airopack Group
provides a turnkey solution to quickly and easily launch customer products
in Airopack(R). Via the unique Full-service operation Airopack Group can
mould, assemble, sleeve or label, fill and pack Airopack(R) to customer's
specifications. In addition Airopack Group has a highly experienced
laboratory for formulation development and bulk production to ensure the
best quality and control.

Airopack Technology Group operates a manufacturing facility in Glarus Nord,
Switzerland, a Full-service operation in Belgium, global R&D and customer
service facility in Waalwijk, the Netherlands and sales offices in the
United States of America. With deliveries to the world's largest and
leading
consumer brands, Airopack Technology Group reached a key milestone in 2015
with respect to commercial market entry. The shares of the company are
listed on the Swiss Reporting Standard of the SIX Swiss Exchange since
2010.
(Ticker: AIRN / ISIN: CH0242606942).


www.airopackgroup.com



</pre>