PTA-News: Frequentis AG: Deposits with Commerzialbank Mattersburg, no impact on operating business

7/15, 2:06 PM (Source: pressetext)
Vienna (pta026/15.07.2020/14:06) - * No impact on customers, suppliers, ongoing projects, and employees * Despite Corona crisis, Frequentis is working to full capacity with orders * Additional credit lines available

Business news for the stock market

Vienna (pta026/15.07.2020/14:06) - * No impact on customers, suppliers, ongoing projects, and employees
* Despite Corona crisis, Frequentis is working to full capacity with orders
* Additional credit lines available

In accordance with the notification of the Financial Market Authority, Commerzialbank Mattersburg im Burgenland AG (Commerzialbank Mattersburg) was prohibited by official decree from continuing its business operations with immediate effect and an auditor was appointed as Government Commissioner (see FMA website). The bank is thus also prohibited from paying out deposits. As of today, Frequentis holds deposits of approximately EUR 31 million with Commerzialbank Mattersburg. Frequentis monitors the situation very closely and evaluates the situation to secure its rights.

As of 30 June 2020, Frequentis Group holds deposits of more than EUR 56 million with other banks, particularly in Austria and other European countries as well as in Asia and the Americas.

Immediately after the circumstances became public at Commerzialbank Mattersburg, Frequentis Group examined possible effects on customers, suppliers, ongoing projects, and employees - from Frequentis perspective, there are no impacts.
"The operating business at Frequentis is continuing at the usual level. Despite the Corona crisis, we are working to full capacity with orders. At the end of June 2020, we hold more than EUR 56 million in deposits with other banks," says Frequentis CFO Sylvia Bardach. "We also have unused credit lines."

About FREQUENTIS
Frequentis, headquartered in Vienna, is an international supplier of communication and information systems for control centres with safety-critical tasks. Such 'control centre solutions' are developed and marketed by Frequentis in the business sectors Air Traffic Management (civil and military air traffic control, air defence) and Public Safety & Transport (police, fire brigade, ambulance services, shipping, railways). As a global player, Frequentis operates a worldwide network of branches, subsidiaries and local representatives in more than 50 countries.
Products and solutions from Frequentis can be found in over 30,000 operator working positions and in approximately 140 countries. Founded in 1947, Frequentis considers itself to be the global market leader in voice communication systems for air traffic control with a market share of around 30%. In addition, the Frequentis Group's AIM (aeronautical information management) and AMHS (aeronautical message handling) systems, as well as GSM-R systems for Public Transport are industry leading global solutions.
The shares of Frequentis AG are traded on the Vienna and Frankfurt Stock Exchange under the ticker symbol FQT (ISIN: ATFREQUENT09). In 2019, the Frequentis Group had about 1,850 employees worldwide and generated revenues of EUR 303.6 million and EBIT of EUR 17.2 million.

For more information, please visit www.frequentis.com
Brigitte Gschiegl, Director Corporate Communications, Frequentis AG,
brigitte.gschiegl@frequentis.com, +43 1 81150-1301

Stefan Marin, Head of Investor Relations, Frequentis AG,
stefan.marin@frequentis.com, +43 1 81150-1074

(end)

emitter: Frequentis AG
address: Innovationsstraße 1, 1100 Wien
country: Austria
contact person: Stefan Marin
phone: +431811501074
e-mail: stefan.marin@frequentis.com
website: www.frequentis.com

ISIN(s): ATFREQUENT09 (share)
stock exchanges: official trade in Vienna
other stock exchanges: Regulierter Markt in Frankfurt

[ source: http://www.pressetext.com/news/20200715026 ]