Well to add further information to the story we published earlier about the insolvency of Waldorf we have been keeping an eye on the Waldorf web site. It went live again a couple of weeks ago and gave us some hope that all might not be lost. Then the following message from Stefan Stenzel, the former director of R&D at Waldorf Music AG appeared on their homepage. This makes it clear that they are insolvent but that they hope the business can be restructured and taken forward. The statement follows in full: On February 4th 2004, insolvency requests have been filed against the companies TSI GmbH, Waldorf Electronics GmbH, and Waldorf Music AG. Result of first talks between the management and the provisional insolvency manager is that the brand Waldorf should be kept alive with all developments and be repositioned on the market again. First discussions took place, but decisions about the concrete way or a definition on a certain investor/purchaser have not yet been made. Former employees are looking forward to the current development and have already signaled that they are willing to cooperate in a continuation of Waldorf. I am looking forward to answering questions regarding Waldorf products and technology, and I will redirect questions regarding the insolvent companies to the insolvency manager. I regret having to make this announcement, but I am quite confident that a solution will be found that allows me to continue developing Waldorf products in the future. Go to the Waldorf web site for further details - http://www.waldorf-music.de/

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