MONTREAL, Feb. 26 /CNW Telbec/ - Contact Image Corporation ("CI") (TSX Venture Exchange: CI) announces a restructuring of its operations in order to maintain its customer services, to reduce its operating costs and to search for short-term solutions to maintain its operations.
Accordingly, Groupe Contact Image Inc., a wholly-owned subsidiary of CI, has filed a notice of intention to file a proposal to its creditors through Raymond Chabot Inc.
Based on the inherent uncertainties related to the search of financing, the board of directors of CI has started exploring and actively considers strategic alternatives, which could notably result in the sale of assets of CI or in a grouping of the operations of CI with a strategic partner.
There can be no certainty that the process initiated by CI will lead to any transaction. CI may not comment as to say if such transaction would represent an appreciation or depreciation in comparison with the present value of the stock capitalization of CI's shares.
Furthermore, in the framework of the restructuring in place, CI announces that Mr. Benoit Lasalle informed CI, last February 22, of its resignation as a member of the board of directors.
About Contact Image Corporation
Contact Image and its subsidiaries are providers of digital imaging products and services based in Montreal. Current products and services include, digital wide-format printing and finishing services, digital processing and imaging services and traditional photographic processing and imaging services. Contact Image and its subsidiaries service target market segments that focus on retail chain stores, businesses, institutions, photography professionals, imaging professionals and, finally, higher-end photo amateurs. Contact Image and its subsidiaries' clients typically seek higher quality prints, promptness of service and a large offering of imaging services.
The TSX Venture Exchange has neither approved nor accepts any
responsibility with respect to the veracity or exactitude of this press
release.