Business
Corel Increases Focus on Digital Media Market
Company Consolidates Digital Media Operations in Greater China and Silicon Valley to Facilitate P...
About this update from Critical Elements Lithium Corporation
[{"type":"text","content":"\n\n\n\nCompany Consolidates Digital Media Operations in Greater China and\nSilicon Valley to Facilitate Product Integration, Accelerate Speed to Market\nand Further Improve Operational Efficiency\n\n\nOTTAWA, November 28 /CNW/ - Corel Corporation (NASDAQ:CREL) (TSX:CRE), a\nleading developer of graphics, productivity and digital media software, today\nannounced that it is increasing its focus on the Digital Media market by\nconcentrating its Digital Media operations in Greater China and Silicon\nValley. These actions will enable the Company to fully maximize its broad\nportfolio of digital media software and technology assets in order to deliver\nan enhanced user experience to consumers worldwide. Centralizing Corel's\nDigital Media operations will also enable the Company to further accelerate\nthe development process and increase speed-to-market for new and upgraded\nproducts.\n\n\n"Corel's Digital Media portfolio is the broadest in the industry,\ncovering all of the major digital media segments including imaging, video\nediting, and DVD authoring," said Jeff Hastings, President and General Manager\nof Corel Digital Media. "By concentrating our Digital Media operations in\nGreater China and Silicon Valley, we will be able to better leverage our\nglobal resources and talent while further improving the operational efficiency\nbetween our software development, product management, and marketing teams. We\nbelieve these actions will ultimately result in an even more exciting product\nrange and a richer user experience for our customers."\n\n\nAs a result of these changes, Corel will be closing its existing Digital\nImaging facility in Minneapolis. In addition, the Company will incur a\none-time restructuring charge of approximately $2.2 million in the fourth\nquarter. The Company further expects that the full benefits of this\nrestructuring will be realized beginning in the second half of 2008.\n\n\nForward-Looking Statements:\n\n\nThis news release includes forward-looking statements that are based on\ncertain assumptions and reflect our current expectations. Such forward-looking\nstatements involve known and unknown risks, uncertainties and other important\nfactors that could cause the actual results, performance or achievements to\ndiffer materially from any future results, performance, or achievements\ndiscu...