New Work SE

M&A Activity • Aug 21, 2007

News Details

Ad-hoc | 21 August 2007 11:54

XING AG plans to dispose of subsidiary First Tuesday AG

XING AG / Letter of Intent/Strategic Company Decision

Release of an Ad hoc announcement according to § 15 WpHG, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

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Hamburg, August 21, 2007 - The Management Board of XING AG (ISIN:
DE000XNG8888) signed a Letter of Intent to dispose of the subsidiary First
Tuesday AG, Zurich. In selling First Tuesday AG, XING aims to reduce the
ongoing cost of maintaining the legal entity as well as reduce the ongoing
operating costs associated with the local personnel and other expenses.
Management of the key customer relationships, which comprised the prime
activity of the company, has already been relocated to XING AG in Hamburg.
Several parties have registered their interest with XING in acquiring the
remaining assets of the subsidiary. XING management expects the transaction
to be completed within Q3 2007 and to have an overall negligible effect on
the net assets of the Company. In addition, the disposal is expected to
have an overall positive effect on the EBITDA margin that had previously
been negatively impacted by the losses arising from the subsidiary.

Important note:

This notice contains forward-looking statements concerning company
activities, business and member development, financial results of the XING
AG and/or the industry in which the company is active. These
forward-looking statements can generally be identified by words such as
'estimates', 'assumes', 'expects', 'plans', 'intends', 'predicts',
'targets', 'anticipates', and variations of these words and
similarexpressions. The forward-looking statements contained in this
notice, as well as estimates, opinions, and views of the company or
information provided by third parties, are based on current plans,
estimates, anticipations, and predictions, and involve certain
uncertainties and risks. Therefore, actual future results, developments and
trends may differ materially from what is forecast in the forward-looking
statements contained in this notice. The company does not assume any
responsibility for such risks, and makes no guarantee as to the accuracy
and completeness of the assumptions and estimates upon which the
forward-looking statements are based, nor does the company or its bodies
ensure the correctness of the statements contained in this press release.
Information and statistics from external sources should not be interpreted
as having been inspected by the company. Neither the company nor its bodies
undertake any obligation to update or publicly release any revision to the
forward-looking statements contained within this notice.

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Information and Explaination of the Issuer to this News:

About XING:

XING makes your professional network an active part of your life. Far more
than a directory of business contacts, XING enables its members to discover
professional people, opportunities and privileges through its unique
discovery capability and advanced contact management tools.

With the successful IPO of XING as the first Web 2.0 company to go public,
XING AG has had a long-term impact on the social networking trend amongst
professionals. By focusing on the target group 'business people worldwide',
the company is able to offer tailored features, thereby making networking
and contact management simpler. Besides Headquarters in Hamburg, XING AG is
also represented with offices in Barcelona (eConozco, Neurona), Beijing and
Zurich.
XING. Powering Relationships.

Contact:

Daniela Hinrichs
VP Corporate Communications
Gaensemarkt 43
20354 Hamburg
Germany
Phone +49 40 419131-19
Fax +49 40 419131-11
daniela.hinrichs@xing.com

21.08.2007 Financial News transmitted by DGAP

Language: English
Issuer: XING AG
Gänsemarkt 43
20354 Hamburg
Deutschland
Phone: +49 (0)40 419 131-10
Fax: +49 (0)40 419 131-11
E-mail: investor-relations@xing.com
Internet: www.xing.com
ISIN: DE000XNG8888
WKN: XNG888
Indices:
Listed: Amtlicher Markt in Frankfurt (Prime Standard); Freiverkehr in
Berlin, Düsseldorf, München, Stuttgart

End of News DGAP News-Service

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