Ming Le Sports AG / Key word(s): Agreement 20.03.2014 22:02 Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Ming Le Sports AG announces further reasons for resignation of the auditor Frankfurt, March 20, 2014 - Ming Le Sports AG today was informed by the originally envisaged auditor for the financial year 2013, Warth & Klein Grant Thornton AG ("Grant Thornton"), about first results of the preliminary audit proceedings and further reasons resulting thereof why Grant Thornton is not willing to act as auditor for the financial statements of the financial year 2013. In its letter Grant Thornton informs Ming Le Sports AG that they had started the auditing procedures in advance of Grant Thornton being appointed by the court as the auditor for the financial year 2013. During the preliminary auditing proceedings Grant Thornton had checked the existence of cash, revenues, trade receivables, costs of sales and trade payables of Mingle (China) Co., Ltd. and Fujian Mingle Sportswear Co., Ltd. (both entities together as "Mingle China"). In this context also the existence of major customers and suppliers of Mingle China were reviewed. Four of the 26 customers and two of the 44 suppliers of Mingle China have, so Grant Thornton, had been identified, which the business licenses had been marked as either cancelled or suspended in the commercial register. In response to these findings, Grant Thornton checked the respective bank accounts of the customers and suppliers concerned and could not verify that the bank accounts were existing or operating at the time of check. Grant Thornton further states that existing documentation was insufficient evidence for the existence of the said revenues and trade receivables, neither for the trade payables. Grant Thornton has asked the Management Board of Ming Le Sports AG to provide further proofs and allow further checks in this respect. The Management Board and Grant Thornton could not agree on Ming Le Sports AG allowing further checks and giving further proofs. As a consequence, Grant Thornton terminated the mandate with Ming Le Sports AG in the Letter. The Management Board and Supervisory Board of Ming Le Sports AG is immediately going to start investigations on this issue and will clarify the facts. It is going to do so together with the new auditor which is expected to be appointed by court shortly. --------------------------------------------------------------------------- Information and Explaination of the Issuer to this News: About Ming Le Sports AG Ming Le Sports AG is a rapidly growing branded sportswear company in China targeting 16 to 35-year-old men and women who lead an urban, vibrant and active lifestyle. Ming Le's products include footwear, apparel, accessories and equipment. The company strives to offer comfortable, fashionable and affordable lifestyle and leisure sportswear. Ming Le designs its own products and manufactures them at Ming Le's facilities or through contract manufacturers. Ming Le markets and sells its products through a network of 26 distributors to over 4,000 retail outlets in China. As at 31 December 2013, Ming Le has 1,449 employees. For further information, please contact: Kirchhoff Consult AG Anja Ben Lekhal Tel: +49(0) 40 609 186 55 Mail: [email protected] Or visit http://www.mingle-sportswear.com 20.03.2014 DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Ming Le Sports AG Westhafenplatz 1 60327 Frankfurt am Main Germany Phone: Fax: E-mail: Internet: www.mingle.cn ISIN: DE000A1MBEG8 WKN: A1MBEG Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf End of Announcement DGAP News-Service ---------------------------------------------------------------------------