Intertainment subsidiary to purchase assets of Dye & Durham
Wednesday, October 07, 2009
Press release from the issuing company
Intertainment Media Inc. announces that its wholly owned subsidiary, Magnum Fine Commercial Printing Limited ("Magnum"), has closed on an agreement previously announced in a news release dated August 5, 2009 (the "Acquisition") to acquire the print and graphic assets, print and graphics clients, programs and equipment (the "Assets") 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. The Acquisition, approved by both companies' board of directors, is comprised of a cash purchase no issuance of securities.
Today's Acquisition further establishes Magnum as a leader in the graphics industry, building on the trusted service that it has provided clients for almost 25 years. In consideration of current revenue run rates from the Acquisition and future growth opportunities, Magnum estimates that the Acquisition will result in a significant increase in sales. Both the purchased assets and transitioning staff will bolster Magnum's strong existing partnerships, internal infrastructure, and its progressive business plan.
Notably, Mr. Al Monteath, former Vice President of Dye & Durham's Graphics Division has joined Magnum as Vice President of Business Development. Mr. Monteath, a high profile, industry leader in his role at Dye & Durham over the past 34 years, was responsible for all Print sales for Dye & Durham, and maintained a strategic role in print for other Cartwright divisions and Companies including Canada Law Book & CLB Media. At Magnum, Mr. Monteath will be instrumental in the transition of clients and production services, and will lead comprehensive growth and development opportunities.
"This acquisition marks a major milestone in the development and growth of Intertainment's divisional business strategy, integrating traditional businesses into co-operative online and conventional revenue models," said David Lucatch, CEO of Intertainment Media Inc. "Both increased revenue and the added expertise of Al Monteath will enable Magnum to accelerate its online and on-demand graphics services business, increasing efficiencies and customer benefits, while dovetailing directly into other Intertainment platforms, including itiBiti, providing clients with both online and direct response business solutions."
In addition, Magnum will accelerate the introduction of its proprietary online Management Information Services ("MIS") platform. Developed by Magnum and Intertainment, the platform will allow Dye & Durham print and graphics clients not already using the system, to manage print and collateral materials online and on demand with increased business efficiencies.
Committed to the environment and future of the print and graphics industry, Magnum is certified by the Canadian Forest Stewardship Council ("FSC"). Magnum is led by President Jana Lucatch, a board member of The Digital Imaging Association, and noted industry voice in the area of social responsibility, industry development, sustainability and mentorship. Together with Magnum Vice President of Production Services, Rob Cole, each has achieved the prestigious FSC Expert Pioneer designation.