SCM Microsystems Receives Payment From Aston for VAT Refund
June 16 2006 - 3:30AM
PR Newswire (US)
FREMONT, Calif., June 16 /PRNewswire-FirstCall/ -- SCM
Microsystems, Inc. (Nasdaq: SCMM; Prime Standard: SMY), a leading
provider of solutions that open the Digital World, today announced
that it has received a payment from a former customer of
approximately euro 4.0 million, or approximately $5.0 million based
on an exchange rate of 0.78382, related to a refund for previously
paid value added taxes (VAT). In April 2005, SCM Microsystems
entered into an agreement with Aston France S.A.S., a former
customer, whereby Aston agreed to (i) seek a refund from the French
government for approximately $4.7 million in value added taxes that
SCM had previously paid to the French government with respect to
products that Aston purchased from SCM prior to November 2002 and
(ii) remit the refunded amount to SCM. On October 13, 2005, the
French government remitted the VAT refund to Aston and on June 9,
2006, Aston remitted the refund to SCM. The difference in value
between the VAT refund received by Aston and the amount paid to SCM
is due to currency fluctuation. Cash received for the refund will
remain with SCM Microsystems, but the impact on the profit and loss
statement for the second quarter will be recorded under
discontinued operations. SCM and Aston remain involved in ongoing
litigation, the details of which are described in SCM's recent
filings with the Securities Exchange Commission, including its
Quarterly Report on Form 10-Q for the quarter ended March 31, 2006
and its Form 8-K filed June 16, 2006. About SCM Microsystems SCM
Microsystems is a leading supplier of solutions that open the
Digital World by enabling people to conveniently access digital
content and services. The company develops, markets and sells the
industry's broadest range of smart card reader technology for
secure PC, network and physical access and digital media readers
for transfer of digital content to OEM customers in the government,
financial, enterprise, consumer electronics and photographic
equipment markets worldwide. Global headquarters are in Fremont,
California, with European headquarters in Ismaning, Germany. For
additional information, visit the SCM Microsystems web site at
http://www.scmmicro.com/. NOTE: All trade names are either
trademarks or registered trademarks of their respective holders.
DATASOURCE: SCM Microsystems, Inc. CONTACT: Dr. Manfred Mueller,
Investor Relations, Europe, +49 89 95 95 5140, or , or Annika
Oelsner, Public Relations, +49 89 95 95 5220, or , or Darby Dye,
Investor Relations, US, +1-510-360-2302, or , all of SCM
Microsystems, Inc. Web site: http://www.scmmicro.com/
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