□ Major Lenders initiate Enforcement of Pledge over Shares in I.P.S. B.V.
□ Intention to rescale production site in Waalwijk (NL)
Airopack Technology Group AG (“Airopack”) announced February 14, 2019 that it has been notified by the major lenders that, as part of the enforcement steps undertaken by the major lenders (see press release of 12 February 2019), a court proceeding has been commenced in the Netherlands to enforce the pledge over the shares in I.P.S. B.V. which was granted by I.P.S. Holding B.V. In connection with certain ancillary enforcement steps undertaken by the major lenders and if approved by the court, this would have the effect to separate Airopack Technology Group AG and its direct subsidiary I.P.S. Holding B.V. from the operating subsidiaries of Airopack Group. If the enforcement will be approved by the Dutch court as requested by the major lenders, the pledgor I.P.S. Holding B.V. may not expect to receive any proceeds from the enforcement and there may still be guarantee liabilities outstanding towards the major lenders by Airopack Technology Group AG and I.P.S. Holding B.V.