Magnum To Purchase Print and Graphic Assets Of Dye & Durham
Friday, August 07, 2009
Press release from the issuing company
TORONTO, CANADA -- Intertainment Media Inc. announces that its wholly owned subsidiary, Magnum Fine Commercial Printing Limited (“Magnum”), has executed an agreement to purchase (the “Acquisition”) the print and graphic assets, clients, programs and equipment of Dye & Durham, a division of The Cartwright Group Ltd (“Dye & Durham”), a leader in serving the legal, professional and business markets in Canada for 135 years.
Originally established in Toronto in 1874 as The Dominion Blank Form Company, the name Dye & Durham was adopted in 1911. As vendors of legal forms primarily to the Ontario market, Dye & Durham expanded in 1962, and began offering complete print and graphic services to meet growing customer demand.
Since 2004, Magnum has been designated a Dye & Durham Alliance Printer, providing their clients with comprehensive graphic and print solutions. Now, the acquisition of Dye & Durham’s graphic and print assets builds further on the trust and service that Magnum is already providing Dye & Durham and its clients.
For customers not already using the Dye & Durham online MIS platform powered by Magnum and Intertainment, Magnum will introduce Dye and Durham clients to its proprietary online MIS platform, allowing users to manage print and collateral materials on demand, and create greater overall efficiencies and turn-around times.
The Company is also pleased to announce that Mr. Al Monteath, Vice President of Dye & Durham’s Graphics Division will be joining Magnum as Vice President of Business Development. Mr. Monteath is a well-known industry professional. In his role at Dye & Durham over the past 34 years, Mr. Monteath has been responsible for Print sales for Dye & Durham and has had a print role in other Cartwright Companies including Canada Law Book & CLB Media. In his new capacity at Magnum, Mr. Monteath will be instrumental in the transition of clients and production services and will lead growth development opportunities.
“This strategic acquisition marks the continued development and growth of Intertainment’s divisional business, and the integration of new opportunities into its online platforms,” said David Lucatch, CEO of Intertainment Media Inc. “In addition, Magnum continues to accelerate its graphics services business by creating innovative business channels to increase efficiencies and customer benefits - dovetailing directly into other Intertainment platforms, including itiBiti, providing clients with both online and direct response opportunities.”
The Acquisition, comprised of a cash purchase price with no issuance of securities, of Dye & Durham’s print and graphic assets has been approved by the board of directors of both companies and is scheduled to close on September 30, 2009. Based on estimated incremental business from this transaction, Magnum has the opportunity to grow significantly in the upcoming years. Together with the purchased assets and transitioning staff, Magnum has the internal infrastructure and existing business partnerships to execute the increased business.
The acquisition of Dye & Durham’s print and graphic assets further establishes Magnum as a leader in the graphics services industry. An FSC Certified Company, both Magnum President Jana Lucatch, and Vice President of Production Services, Rob Cole have achieved the designation as FSC Expert Pioneer, reflecting Magnum’s commitment to the environment and the future of the industry. Featured on the cover of the May 2009 national trade journal Graphic Arts Magazine, Jana Lucatch continues to be a leading industry voice in the area of social responsibility, sustainability and mentorship.
Completion of this arm's length Acquisition is subject to a number of conditions including receipt of third party consents and other conditions customary in a transaction of this nature. There can be no assurance that the Acquisition will be completed as proposed or at all.