Inventronics Responds to Adverse Consequences of Expiry of Supply Contract

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[{"type":"text","content":"\n\n\n\nCALGARY, Nov. 7 /CNW/ - Inventronics Limited (IVX:TSXV), a designer and\nmanufacturer of custom metal enclosures for the communications, electronics\nand other industries in North America, today announced restructuring of its\noperations.\n\n\nOn October 15, 2008 the supply contract with the Corporation's largest\ncustomer expired. Inventronics will be entering into a supply contract to\ncontinue to supply that multinational corporation in Canada and will supply a\nsmall number of products to its United States operations. In the first half of\n2008 sales to this customer's US operations represented approximately 60% of\nInventronics' total sales.\n\n\nManagement and the board of directors have taken actions to reduce costs\nto be in line with expected levels of sales. These actions include the\nreduction in employees from approximately 200 in July to 56 now. Costs\nassociated with these actions will be recognized in the third and fourth\nquarters of this year.\n\n\nMr. Alex Klopfer has resigned from the board of directors effective\nOctober 30, 2008. The board has no immediate plans to replace Mr. Klopfer. We\nthank him for his service to Inventronics.\n\n\nA further discussion of these actions and the outlook for the future will\n be included in the Management Discussion and Analysis for the third quarter\nwhich will be issued later this month.\n\n\nDisclaimer\n\n\nCertain statements in this press release, including the impact of the\nevent on future sales, are forward-looking statements. The reader is cautioned\nthat assumptions used in the preparation of such information, although\nconsidered reasonable by Inventronics at the time of preparation, may prove to\nbe incorrect. Actual results achieved during the forecast period will vary\nfrom the information provided herein as a result of numerous known and unknown\nrisks and uncertainties and other factors, many of which are beyond the\ncontrol of Inventronics.\n\n\nInventronics' disclosure documents can be viewed under the Company's\nSEDAR profile at www.sedar.com.\n\n\nThe TSX Venture Exchange does not accept responsibility for the adequacy\nor accuracy of this release.\n\n\n","length":2257,"tagName":"div"}]

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