Airopack Technology Group AG: announces first findings of the new management team and initial conclusions of the Board of Directors Mittwoch, 16. Januar 2019 - 06:54

Airopack Technology Group AG / Key word(s): Financing
Airopack Technology Group AG: announces first findings of the new management
team and initial conclusions of the Board of Directors

16-Jan-2019 / 06:54 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
The issuer is solely responsible for the content of this announcement.

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Airopack Technology Group announces first findings of
the new management team and initial conclusions of the Board of Directors

Baar, 16 January 2019 - Airopack Technology Group AG ("Airopack") announced
previously (see press release dated 11 January 2019) that the new management
team under the lead of Antoine Kohler as interim CEO initiated an
investigation and review of the Airopack's financial statements and past
management practices. For this purpose, Airopack has instructed
PricewaterhouseCoopers Ltd. ("PwC").

In the meantime, PwC has presented its findings in a draft investigation
report (the "PwC Report") made available to the Board of Directors in the
course of 15 January 2019. Based on the findings presented in the PwC
Report, Airopack's Board of Directors is of the view that:

- the previously issued consolidated financial statements for the first half
of 2018 have to be restated. Based on the findings of the PwC Report, the
Board of Directors currently estimates that the revenue for the first half
of 2018 need to be downward adjusted in the range of approx. EUR4m to EUR5m;
and

- there is an additional need to thoroughly investigate certain historic
sales and accounting practices.

Furthermore, based on the PwC Report and the resulting adjustments to
Airopack's financial statements (in particular, lower than expected sales),
the full year 2018 results are expected to significantly fall short of what
Airopack has expected in the context of its previously announced
recapitalisation plan (see press release dated 30 November 2018).

The Board of Directors and the new management team are currently
re-evaluating Airopack's business plan and the impact on funding
requirements as a basis for the ongoing refinancing and recapitalisation
process. The financial outlook communicated with the recapitalisation plan
has been significantly reassessed. The EBITDA breakeven level is not
expected to be reached before the first half of 2020.

The Board of Directors is of the opinion that the future of the group is
heavily dependent on a comprehensive refinancing and recapitalisation that
would refinance the existing indebtedness and provide the liquidity needed
to ramp-up the business. Absent a recapitalisation or an alternative
transaction, the group might not be able to continue to trade. Airopack will
continue the dialogue with the relevant stakeholders and the Board of
Directors expects to communicate further details in due course.

With respect to the recently announced resignations of members of the Board
of Directors (see press release dated 15 January 2019), the Board of
Directors will convene a shareholders meeting as soon as reasonably possible
to appoint new board members to ensure compliance with company bylaws.

Contacts:

Airopack Technology Group AG
Antoine Kohler, Chairman

Blegistrasse 5/1 OG
CH-6340 Baar
TF: +41 41 768 50 50
www.airopackgroup.com

For investors:
Airopack Technology Group AG

Martin Eberhard
martin.eberhard@rimesa.ch
TF: +41 79 209 77 50

For media:
Tolxdorff Eicher Kollektivgesellschaft

Daniel Eicher / Theresia Tolxdorff
partners@tolxdorffeicher.ch
TF: +41 44 718 25 25

   The Company
   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 and
   solely by ATG patented Airopack(R) technology offers a safe,
   all-plastic pressurized dispenser that is environmentally and planet
   friendly

   Airopack Technology Group operates a Airopack Ready to Fill
   manufacturing facility in Waalwijk, The Netherlands and a Full-Service
   Filling operation in Heist-op-den-Berg Belgium (Airosolutions) as well
   as a manufacturing plant for filling equipment in Houten, The
   Netherlands (Airofiller Equipment Solutions), The Global Research and
   Development Team, the Airopack Global Management and Customer Service
   Organisation are located in Waalwijk, The Netherlands.

   The shares of the company are listed on the Swiss Reporting Standard
   of the SIX Swiss Exchange since 2010. (Ticker: AIRN / ISIN:
   CH0242606942).

   Disclaimer
   This Ad Hoc Release / Press Release may contain certain
   forward-looking statements. In some cases forward looking statements
   can be identified by the use of terms such as "believes", "enables",
   "estimates", "anticipates", "projects", "expects", "intends", "may",
   "will", "seeks" or "should" or variations thereof, or by discussions
   of strategy, plans, objectives, goals, future events or intentions. By
   their nature, forward-looking statements involve risk and uncertainty
   because they relate to future events and circumstances.

   Actual outcomes and results may differ materially from any outcomes or
   results expressed or implied by such forward-looking statements. The
   success or achievement of various results, targets and objectives is
   dependent upon a multitude of factors, many of which are beyond the
   control of Airopack. No representations are made as to the accuracy of
   such statements or that such results, targets or objectives will be
   realized.
                           www.airopackgroup.com


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End of ad hoc announcement

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