Berlin, 23 October 2002 – PSI AG has announced that its subsidiary company, PSI Solutions GmbH, which employs 14 employees, has filed for bankruptcy at the district court in Stuttgart. In the ad hoc announcement of 11 October 2002 the new management team of PSI stated that the future PSI portfolio would be strictly oriented towards profitability. As a result, it was decided to withdraw financial support from the loss-making subsidiary.
PSI purchased PSI Solutions GmbH, then called Solution Software GmbH, in 2001 from the bankrupt parent company, DITEC. Given that PSI Solutions has not been able to flexibly meet changes in the market which have taken place since that time, the most economical solution for PSI AG is the termination of financial support for the subsidiary.
The PSI Solutions will encumber the PSI year-end results with approx. 0.5 million Euro, which has already been included in the annual forecast. The operational presence of PSI in the region Baden-Wuerttemberg is further secured by the locations Stuttgart, Leonberg and Karlsruhe.
