Pazazz Printing to Restructure
Pazazz Printing has filed a Notice of Intention to restructure the company under Canada’s Companies Creditors Arrangement Act. President Warren Werbitt says, “Pazazz file a Notice of Intention to preserve and maximize the value of the business.”
By Adam Dewitz
Published: March 10, 2010
Pazazz Printing has filed a Notice of Intention to restructure the company under Canada's Companies Creditors Arrangement Act. President Warren Werbitt says, “Pazazz file a Notice of Intention to preserve and maximize the value of the business.”
WhatTheyThink spoke with Warren this afternoon and he was upbeat and is making moves to to get the business back on track after taking chances to grow the business in tough economic conditions. He is working with his suppliers and is forming a strategic alliance with financial backers from outside the industry.
“Moving forward, I have every intention of maintaining the same level of integrity and respect that I have had for this industry over the past 18 years.” says Werbitt
Pazazz made large capital investments within the last year which included a KBA 56" UV 6-colour press and a Xerox iGen4 digital press.
Werbitt's gained industry notoriety when his fanatical love of print was captured in a viral video the company posted on YouTube.
Statement from Warren Werbitt
I am writing this letter to set the record straight and to correct rumours that have been circulating recently. As the Founder and CEO of Pazazz I want to personally reach out to you during this important time in my company’s history.
On Monday March 1, 2010 Pazazz file a Notice of Intention (“NOI”) to preserve and maximize the value of the business. However, in the next weeks we will be making a proposal and restructuring the company.
Pazazz will continue to be a productive, efficient and capable print solution provider. We remain confident in our strategic decision to acquire the KBA 56" UV 6-colour press as well as the iGen4 digital press. Those acquisitions have enabled us to provide our clients with unique applications such as printing UV on plastic, flute and board up to 48 points that no one else in Eastern Canada is capable of doing. As usual, our presses are running continuously, our services continue to advance and our employees continue to be trained. As always, our goal is to provide you - our clients with superior print products and services. Our commitment to our employees, clients and suppliers remains strong.
On Tuesday March 2, 2010 I spoke with every Pazazz employee face to face to proactively explain the current situation. Everyone had the opportunity to process the information and ask questions. Employee response was sincere; they respected my honesty and were very supportive.
On Wednesday March 3, 2010 I began to call our suppliers and advise them of the circumstances. My goal was to personally talk to each one before they received a letter. We are loyal and will continue to be loyal to our suppliers. We have been dealing with the same suppliers for several years and have witnessed outstanding cooperation and moral support.
On Thursday March 4, 2010 I started to call our clients and advise them of the current situation, they too have offered a strong vote of confidence and are willing to stand by Pazazz.
Going forward I have brought together a couple of strategic partners to help advance Pazazz in the future. We have introduced many exciting innovations and we are confident that we can continue to serve your needs in a most meaningful manner.
In the last week I have learned that after 18 years of being an entrepreneur, my consistent effort to be honest, respectful and loyal to others has paid off. It is true that what goes around comes around.
I firmly believe that with the encouragement and cooperation of our dedicated team, loyal clients and committed suppliers Pazazz will be better and stronger.
I am available to everyone at anytime if you want to speak to me. I hope that we can count on your continued support.
Warren Werbitt Founder and CEO