Titan N.V.
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Publicatie datum
10 nov 2014 - 08:12
Statutaire naam
Titan N.V.
Titel
Statement of the Supervisory Board TIE Kinetix
Bericht
TIE Kinetix N.V. (“TIE Kinetix”), the leading provider of cloud-managed Demand Generation, E-Commerce, Integration and Analytics & Optimization services, announces the following:
On October 30, 2014, TIE Kinetix released a press release (“Repayment EU Development Grants”) in which it announced the receipt of a notice from the European Commission (EC). This notice contains a request for a partial repayment of EU development grants, following a recent audit carried out under supervision of the EC. With reference to this press release, the Supervisory Board of TIE Kinetix releases the following statement:
(1) The Supervisory Board fully recognizes the seriousness of the situation, in the event that the European Commission persists in its decision to claim a partial repayment of the development grants, and fully supports the management board in its effort to mitigate the claim and to prevent any further threads to the continuity of the company.
(2) The Supervisory Board acknowledges that EU development grants have to be in compliance with the requirements of the EU as the granting party, but is of the opinion that in the given situation a claim for repayment of grants is a measure that goes too far, given that the audits to the projects have been carried out for the first time 6 years after the start of the first project.
(3) The Management Board of TIE Kinetix, supported by the Supervisory Board, is currently executing response activities along 3 lines:
a. Discussions with representatives of the European Union and Commission.
b. Investigating the liability of the external auditor
c. Attracting extra liquidity
(4) The Supervisory Board announces that the Management Board reached a preliminary agreement with a party willing to give a guarantee for the full claim. Final agreement to be expected end of this week.
SB member Peter van Schaick, submitted his resignation with immediate effect for strictly personal reasons (not related to TIE Kinetix).
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