Cenosis Re-Focus: More Attention on Ceno Software and KangaCom
Press release from the issuing company
LAVAL, QUEBEC, Oct 16, 2002 -- Includes new technology development, sales strategy and re-deployment of business units
Cenosis Inc. (TSX Venture: CE), a leading provider of digital workflow software and solutions for the publishing and graphic communications industries, today announced a strategic re-focus on core competencies, a new sales and distribution strategy, a re-deployment of its business units and a renewed commitment to its ASP vocation. The changes, effective immediately, are intended to allow the Company to realize rapid sales growth and increase shareholder value. The announcement comes following a major corporate overhaul begun nearly one year ago. Last January, Cenosis announced a major divestiture of non-performing premedia subsidiaries. In February, the Company announced the naming of a new President whose main task was to implement the corporate restructuring. Cenosis has since concluded numerous agreements with creditors and is in the midst of completing a private placement jointly with its partner bank.
Specifically, the Company will:
* Focus on continued development of its successful technology platform aimed at the graphic communications market, including the Ceno family of software and the KangaCom subsidiary's services.
* Distribute its products and services through new and existing OEM partnerships, alliances and licenses in order to generate a recurring revenue base. This includes expansion of relationships with current key distributors.
* Maintain and enhance its use of the ASP model to accelerate the availability and adoption of its products and services.
* Exploit new and increasingly large opportunities in digital variable document production for key mass market and marketing intensive sectors, including banking, automotive, government and retailing.
Cenosis' workforce will not be reduced due to these changes and the Company does not rule out an acquisition or alliance in order to realize its plan.
"This re-deployment of resources brings the Company full circle back to its core expertise. It will allow us to exploit new and lucrative markets by doing what we've always been good at: Developing world-class software applications and integrated solutions in the increasingly important graphic communications, publishing and variable printing industries," stated Jocelyn Desy, President of Cenosis. "Though the 2001-2002 fiscal year proved to be a difficult one for the Company, our employees' and partners' commitment allowed us to pull through and maintain the strength upon which we are building this year and next," concluded Mr.Desy.
About Cenosis Inc.
Cenosis Inc. is a high technology company active in the development and integration of software solutions, mainly for the publishing and graphic communications industries. Its wholly owned subsidiary, KangaCom Inc., is an application service provider (ASP) offering software solutions for the transfer of large data files and digital workflow automation.
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