systaic AG's CEO Michael Viktor Kamp announces his resignation

systaic AG  / Key word(s): Change of Personnel/Change in Forecast

22.11.2010 15:16

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systaic AG's CEO Michael Viktor Kamp announces his resignation

systaic AG, Düsseldorf, announces that Michael Viktor Kamp has resigned
from his position on the Executive Board today with immediate effect. Mr.
Kamp's resignation is due to the construction delays for the Sardinian
greenhouses and the resulting conflicts of interests in connection with his
role with Soldevco SE, which have thus become too large. Michael Pack will
take over at the helm of systaic AG in his position as the remaining member
of the Executive Board.

At the same time, the company announces that as a result of the amount of
time that has already passed it will only be possible to complete one of
the four solar projects in Sardinia this year. The remaining three projects
are expected to be completed in the first quarter of 2011. This also
impacts the handover date and the income from the sale of these power
plants as a result of different tariff conditions. These developments mean
that the interim report as of 30 September 2010 has to be postponed to 30
November 2010.

The Executive Board also reduces its formerly estimated consolidated
revenue target of 25 to 35 million euros for financial year 2010 to
approximately 20 million euros.

Contact:
systaic AG 
Investor Relations 
Benrather Straße 18-20
40213 Düsseldorf 
Germany
Phone: 0049-211-828559-0 
Fax: 0049-211-828559-229 
ir@systaic.com 
www.systaic.com





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Language:     English
Company:      systaic AG
              Benrather Straße 18-20
              40213 Düsseldorf
              Deutschland
Phone:        +49 (0)211 828559-0
Fax:          +49 (0)211 828559-29
E-mail:       ir@systaic.com
Internet:     http://www.systaic.de
ISIN:         DE000A0JKYP6
WKN:          A0JKYP
Listed:       Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
              in Düsseldorf, Berlin, Stuttgart
 
End of Announcement                             DGAP News-Service
 
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