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ots Ad hoc-Service: Intertainment AG <DE0006223605> Intertainment files law suit against Franchise Pictures (USA)

Ismaning n. Munich (ots Ad hoc-Service) -

Ad hoc-announcement edited and sent by DGAP. The sender is solely
responsible for the contents of this announcement.
Intertainment Licensing GmbH, a subsidiary of Intertainment AG,
which is listed on the Neuer Markt in Frankfurt, has filed a
complaint against Franchise Pictures LLC, Franchise Pictures Inc.,
their Chairman and CEO Elie Samaha, their President and COO Andrew
Stevens, several production firms of the Franchise Group as well as
other parties in US- District Court (Federal Court) in Los Angeles
today.
Intertainment Licensing GmbH and the Franchise group of companies
have an existing contract, under which Intertainment Licensing GmbH
wanted to acquire the rights for at least 60 films during a 5 year
period. Intertainment Licensing GmbH has sublicensed some of the
acquired film rights to several European territories.
In its complaint Intertainment Licensing GmbH asserts that due to
fraudulently inflated production budgets of the films produced by
Franchise, Intertainment Licensing GmbH has been damaged through
fraud and racketeering activity for an amount exceeding US $
75,000,000 . In its complaint, Intertainment Licensing GmbH is
primarily seeking compensation therefor in addition to Punitive
Damages and raises further claims.
Franchise has raised counterclaims and informed that it intends to
file a complaint against Intertainment Licensing GmbH.
The outcome of this litigation might have considerable effects on
turnover and profit of Intertainment AG for the current and
subsequent fiscal years. The ongoing business relationships to
sublicenses are concerned hereof as well.
Intertainment Aktiengesellschaft Osterfeldstraße 84 85737 Ismaning
Telephone: 089/216 99-0 Telefax: 089/216 99-11 Internet:
http://www.intertainment.de E-Mail:  investor@intertainment.de
End of Message
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Original-Content von: Intertainment AG, übermittelt durch news aktuell

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