Acquisition of Planet Sports Finally Completed

MANNHEIM, GERMANY and MUNICH, GERMANY--(Marketwired - Mar 16, 2015) - The complete takeover of Planet Sports by the 21sportsgroup and participating investors, previously announced at the beginning of the year, is now assured. In a fast process, the provisional insolvency administrator of Puccini Germany GmbH as selling party and the buyers have now come to an agreement regarding all details of the transaction and are signing the new purchase contract. An application for an entry in the commercial register has already been submitted.

Although the buyers had declared on February 27 that they were stepping away from the original purchase contract with the currently insolvent Puccini Germany GmbH, due to the seller's unfulfilled contractual obligations, a rapid agreement was able to be reached with the provisional insolvency administrator of Puccini.

Jörg Mayer, founder and CEO of 21sportsgroup, explains: "We always made it clear that we continued to be interested in taking over Planet Sports. Thanks to 20 years of reliable partnership to all major sporting goods manufacturers and thanks to an exceptional standing in the action sports scene, Planet Sports, unaffected by the economic difficulties of the former parent holding company, is deservedly the favorite distributor for many loyal customers!"

Dr. Christian Gerloff, provisional insolvency administrator of Puccini Germany GmbH, adds: "I am pleased that we were able to quickly and successfully conclude the sale of Planet Sports to 21sportsgroup to the benefit of the employees, suppliers, and long-standing customers! It is a good negotiation result for the creditors of Puccini Germany as well."

www.21sportsgroup.com

Please note:

A digital press photo, related to this press release, is available for download...

http://www.21sportsgroup.com/planetsports.jpg

Jörg Mayer (21sportsgroup), Dr. Henner Schwarz (Planet Sports), Michael Burk (21sportsgroup) and Michael Rumerstorfer (Planet Sports).

Photo: Stephan Daniel for 21sportsgroup. Royalty free usage for editorial purposes only.