Business
Contact Image Corporation announces a restructuring of its operations and its search for a buyer to put in place its recovery plan
Contact Image Corporation announces a restructuring of its operations and its search for a buyer to put in place its recovery plan.
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[{"type":"text","content":"\n\n\n\nMONTREAL, Feb. 26 /CNW Telbec/ - Contact Image Corporation ("CI")\n(TSX Venture Exchange: CI) announces a restructuring of its operations in\norder to maintain its customer services, to reduce its operating costs and to\nsearch for short-term solutions to maintain its operations.\n\n\nAccordingly, Groupe Contact Image Inc., a wholly-owned subsidiary of CI,\nhas filed a notice of intention to file a proposal to its creditors through\nRaymond Chabot Inc.\n\n\nBased on the inherent uncertainties related to the search of financing,\nthe board of directors of CI has started exploring and actively considers\nstrategic alternatives, which could notably result in the sale of assets of CI\nor in a grouping of the operations of CI with a strategic partner.\n\n\nThere can be no certainty that the process initiated by CI will lead to\nany transaction. CI may not comment as to say if such transaction would\nrepresent an appreciation or depreciation in comparison with the present value\nof the stock capitalization of CI's shares.\n\n\nFurthermore, in the framework of the restructuring in place, CI announces\nthat Mr. Benoit Lasalle informed CI, last February 22, of its resignation as a\nmember of the board of directors.\n\n\nAbout Contact Image Corporation\n\n\nContact Image and its subsidiaries are providers of digital imaging\nproducts and services based in Montreal. Current products and services\ninclude, digital wide-format printing and finishing services, digital\nprocessing and imaging services and traditional photographic processing and\nimaging services. Contact Image and its subsidiaries service target market\nsegments that focus on retail chain stores, businesses, institutions,\nphotography professionals, imaging professionals and, finally, higher-end\nphoto amateurs. Contact Image and its subsidiaries' clients typically seek\nhigher quality prints, promptness of service and a large offering of imaging\nservices.\n\n\nThe TSX Venture Exchange has neither approved nor accepts any\n\n\nresponsibility with respect to the veracity or exactitude of this press\n\n\nrelease.\n\n\n","length":2181,"tagName":"div"}]