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ots Ad hoc-Service: TELES AG <DE0007454902> TELES Defends Itself Against Bizarre Misinformation

Berlin (ots Ad hoc-Service) -

The sender is solely responsible for the contents of this
announcement.
Grossly misleading reports in
several daily newspapers have been published in the last few days
concerning the Annual Shareholders Meeting of TELES AG held on July
11th, 2000: They give the impression that the shareholders massively
criticized the management of TELES and that the meeting left behind a
completely confused impression in general. An example for this is the
report in yesterday's "Börsen-Zeitung".
The TELES stock rate has been and is negatively affected by this
bizarre misinformation. The management therefore considers the
following correction as to be absolutely necessary,
The Annual Shareholders Meeting actually took place in a
completely different and very positive fashion.
The acts of the Supervisory Board and the Management Board of
TELES were ratified by approximately 99 percent and 85 percent of the
present capital which was eligible to vote on these two issues. All
of the other decisions were passed with majorities between 99,78
percent and 99,97 percent. Thus, the Annual Shareholders Meeting
almost unanimously approved the new orientation of TELES.
These convincing votes also mirror the course of the Annual
Shareholders Meeting: It followed in almost complete agreement the
deliberations and suggestions of the supervisory board and the
management board of the company - in several cases after detailed
questioning. Even the discussion concerning the regrettably negative
development in the 4th quarter 1999 and in the 1st quarter of this
year was held in a disciplined manner. The most critical speakers -
the two representatives of stockholders' associations - also
supported after extensive discussion the ratification of the acts of
the management as well as its change of strategy. The Annual
Shareholders Meeting was very well attended, with over 780
non-company participants.
Prof. Sigram Schindler, CEO TELES AG
End of message
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