Herzogenaurach, Germany, June 17, 2011
ARBITRATION RULING REGARDING ONE-TIME PAYMENT OF 98 MILLION EUROS IN SPAIN REPEALED
The Sportlifestyle company PUMA AG herewith declares that the arbitration ruling of 2 June 2010 by a Spanish arbitration panel regarding the one-time payment of 98 million Euros has been repealed by the District Court of Madrid. PUMA is therefore no longer obliged to pay the amount of 98 million Euros.
The verdict was reached on 14 June 2011. This outcome is a direct consequence of PUMA’s successful appeal against the arbitration ruling, which previously required remittance of said funds to the former Spanish licensee and holder of the remaining rights Estudio 2000 S.A. to vest the remaining trademark rights in Spain.
“The ruling by the District Court of Madrid is totally in line with what we had anticipated and frees us from the payment of 98 million Euros for the vesting of PUMA trademark rights,” said Jochen Zeitz, Chairman and CEO of PUMA AG. “We will now make full use of all the options available to us to secure all PUMA trademark rights in Spain.”
PUMA will continue its efforts in uniting all Spanish PUMA trademarks.