Joyou AG i.L.
Joyou AG: Insolvency application will be filed / Revocation of audit opinions for the fiscal year 2014 / Change to management board / Examination of legal actions against Jianshe Cai and Jilin Cai
Joyou AG / Key word(s): Insolvency 21.05.2015 21:02 Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Joyou AG: Insolvency application will be filed / Revocation of audit opinions for the fiscal year 2014 / Change to management board / Examination of legal actions against Jianshe Cai and Jilin Cai Hamburg, May 21, 2015 - The management board of Joyou AG (the "Company") has decided today to file an application for the opening of insolvency proceedings with the competent local court (Amtsgericht) of Hamburg following the existing over-indebtedness of the Company. Due to the necessity to completely write down the Company's participation in Hong Kong Zhongyu Sanitary Technology Limited ("Joyou Hong Kong") as well as existing guarantee obligations of the Company in the aggregate amount of USD 300.000.000 with respect to the credit facility in the amount of USD 300.000.000 granted by creditors to Joyou Hong Kong, the Company is over-indebted. By letter as of today, the auditors of the Company, Warth & Klein Grant Thornton AG, have notified the Company that they have revoked - the audit opinion as of March 6, 2015, for the Company's unconsolidated financial statements (Jahresabschluss) for the fiscal year 2014, as well as - the audit opinion as of March 16, 2015, for the Company's consolidated financial statements (Konzernabschluss) for the fiscal year 2014. By decision of today, the supervisory board of the Company has also removed Jianshe Cai and Jilin Cai as members of the Company's management board with immediate effect and is considering taking comprehensive legal actions against them. The Management Board --------------------------------------------------------------------- Joyou AG Gasstrasse 18, Haus 6A 22761 Hamburg Germany ISIN: DE000A0WMLD8 WKN: A0WMLD For further information, please contact: Matthias Poth c/o HERING SCHUPPENER mpoth@heringschuppener.com +49-172-2756012 (mobile) +49-69-921874680 (land line) 21.05.2015 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Joyou AG Gasstraße 18, Haus 6 A 22761 Hamburg Germany Phone: Fax: E-mail: ir@joyou.net,andreas.friedemann@kirchhoff.de Internet: www.joyou.de ISIN: DE000A0WMLD8 WKN: A0WMLD Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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