Business
Advantex completes sale of Samplex group
Advantex completes sale of Samplex group.
About this update from Advantex Marketing International Inc.
[{"type":"text","content":"\n\n\n\n\nADX: TSX\n\nTORONTO, July 4 /CNW/ - Advantex Marketing International Inc. (TSX:ADX)\nannounced today that it has completed the sale of its Samplex Division\n(\"Samplex\") by way of asset sale, for approximately $3,000,000 subject to\nfinal adjustment. Samplex was purchased by a newly formed company (the\n\"Purchaser\") headed by Todd Blair, the former General Manager of Samplex.\nUnder the terms of the agreement, the Purchaser is acquiring\nsubstantially all of the assets of Samplex including accounts receivable and\ninventory, and is assuming certain liabilities of Samplex including accounts\npayable and accrued liabilities.\n\"The completion of this transaction is an important step for the future\ndevelopment of both Advantex and Samplex,\" said G. Randall Munger, Chairman\nand Chief Executive Officer of Advantex. \"Separating the two businesses\nenables each to become more focussed and grow in its own right. As founder of\nSamplex, I am proud of its legacy and look forward to its continued success\nunder Todd Blair's leadership. I would like to take this opportunity to\npublicly thank all of the Samplex staff for their hard work and contribution\nover the years and wish them the very best with their new company.\"\n\"Samplex is an established leader in the paid distribution of product\nsamples, a tribute to the tremendous effort put forth by the Samplex team over\nthe years,\" said Todd Blair, President, Samplex Marketing Solutions\nCorporation. \"Over the past twelve months, we have implemented radical process\nimprovement measures, culminating in a redefinition of our value proposition.\nWe are emerging on our own in a strong strategic position, with a singular\nline of business focus, allowing for increased customer service, penetration\nand growth. I would like to thank Randall Munger and Allison Smith for their\nguidance and support during our time together and wish them continued success\nwith Advantex.\"\nSelling Samplex is the first step in the strategic plan to enhance\nAdvantex's leadership role in the loyalty marketing sector. Advantex\nManagement and Board of Directors are evaluating a number of strategic\ninitiatives designed to deliver improved value for shareholders, strategic\npartners, employees and all other stakeholders.\n\nAdvantex Loyalty Update\n\nPlans are in place for Advantex to introduce a ...