Contract Loss to Reduce Printera Annual Revenue by Estimated 23%
Press release from the issuing company
TORONTO, ONTARIO--Printera announced today that one of its major accounts will not be renewing its Canadian label supply contract with Aluglass Packaging Inc., a wholly-owned subsidiary of Printera.
The annual revenues represented by this contract approximate $12 million. Aluglass will continue to supply the customer on a month-to-month basis until other arrangements are implemented. In 2001, Printera generated revenues of $52.5 million. The loss of this business will have a significant impact on the operating results of the Company until the volumes are replaced.
Printera has retained independent financial advisors to formulate a new business plan, implement cost reduction measures and review all strategic alternatives including a refinancing or the sale of the Company.
Printera Corporation is a Toronto-based public company specializing in the printing of premium quality labels and packaging through its plant facilities in Canada and the United States. Printera offers high quality rotogravure and offset lithographic printing processes.
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