Company to focus on exploiting its core technology
Cenosis announced the halt of operations at its StanMont subsidiary in Montreal and the sale of its stake in the Leading Graphics group of Toronto.
The StanMont subsidiary ceased its commercial activities through a voluntary bankruptcy filing last December 24th. Cenosis divested its equity stake in the Leading Graphics group, by virtue of an agreement with 1500668 Ontario Inc. for the sale of all its shares in Leading Graphics Inc. and Anso Holdings Inc. As agreed to by the parties, terms of the sales agreement shall remain confidential until a second agreement regarding the parties' respective commercial activities in Ontario is completed. The proceeds of the sale shall mainly be used to defray corporate restructuring and overhaul costs.
As part of its restructuring plan, Cenosis is aiming to significantly improve its financial position, in addition to ensuring ongoing operations related to the marketing and sales of its technology products and services. The plan also seeks to maximize the development of Cenosis' integration services and software solutions, as well as the digital content transport and management services of its KangaCom subsidiary. In order to carry out its plan, Cenosis is leveraging its excellent commercial relations with major partners and clients, as well as pursuing negotiations with creditors, in view of finalizing certain fiscal arrangements and obtaining bridge financing. The Company cannot however guarantee the success of its plan.
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