Tradebit AG Names Paul L. Sterne to Board of Directors / Aufsichtsrat
Tradebit AG adds financial executive to Board of Directors


FRANKFURT, GERMANY, May 19, 2010 /24-7PressRelease/ -- Tradebit AG is pleased to announce that Paul L. Sterne has been named to its Aufsichtsrat or Board of Directors. Mr. Sterne has been active in the information technology industry for 25 years as an executive, M&A advisor and angel investor.

Currently, he is the Managing Partner of Sterne & Co. LLC (www.sterneco.com), an M&A boutique specializing in the global IT industry. Sterne & Co. LLC represents investors and entrepreneurs in the United States, European Union and the former Soviet Union. Paul is a seed investor in and contributing author to Groundreport LLC, a leading citizen journalism blog site (www.groundreport.com). He is an angel investor and, during its start-up phase, was the CFO/General Manager Americas, Open-Xchange Inc., the leading independent software vendor of Open Source groupware for the SaaS and web site hosting industries (www open-xchange.com); he was Founder and CFO, E2open, Inc., the leading supply chain collaboration hub for the electronics industry (www.e2open.com). In the 1990's Paul led the global M&A activity of IBM Corporation as Managing Director, Corporate Development in Armonk, New York; previously he was Director, M&A Advisory Services, Deutsche Bank AG; and Director, Business Development, New York Treasurer's Office, General Motors Corporation. Paul has a Bachelor of Arts and Master of Business Administration from Columbia University.

"We welcome Paul to the Board. Having known him for more than 20 years, I know that he will make a significant contribution to the success of Tradebit AG. In the first four months of 2010, Tradebit.com again posted rapid growth. It achieved new records in terms of unique visitors, gross revenue and profit margin. It expanded its music offerings through distribution partnerships with 7 Digital for MP3 downloads and Sunfly Karaoke for karaoke files. Mr. Sterne's experience with start-ups and their financial management will help Tradebit AG to form new relationships and stay on its growth trajectory," said Dr. Stephan Hess, Chairman of Tradebit AG's Board of Director.

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