Pixman Nomadic Media Inc.

Pixman Nomadic Media Inc.

October 20, 2009 09:36 ET

Pixman Nomadic Media Announces the Termination of Its CEO's Employement Agreement and Updates on Restructuring of Its Activities

MONTREAL, QUEBEC--(Marketwire - Oct. 20, 2009) - As part of the restructuring initiative, Pixman Nomadic Media Inc. (TSX VENTURE:PMN) ("Pixman") and its board of directors announces the mutually agreed termination of the employment agreement with its President and CEO, Philippe Gribeauval, effective October 16, 2009. Pixman organization wishes to thank Mr. Gribauval for his commitment to the company.

Concurrent with the termination of the employment agreement, Mr. Gribeauval resigns from the Board of Directors of Pixman Nomadic Media effective immediately.

Search for a new president and CEO has started and until a new person is hired in that position, Daniel Langlois, Chairman of the Board of Directors of Pixman, will assume the interim CEO position while a subcomittee of the Board of Directors, composed of Valier Boivin, Daniel Langlois et Daniel Sawaya and will supervise the restructuring and financing activities of the company.

During this period of restructuring, Pixman will maintain certain essential activities, such as customer service while maintaining the structure needed to support the execution of existing contracts and its day to day operations. Pixman has already begun the process of reorganizing the existing corporate structure in order to reduce its operational cost to a minimum. The details of those changes will be communicated to our shareholders in a timely fashion.

As indicated in our October 7th press release, this situation is in part the direct result of the current global financial climate directly affecting the marketing & publicity industry. This ongoing situation has affected Pixman's immediate ability to generate the forecasted revenues. In views of this new reality, the Board of Directors has decided to act proactively and decicively to immediately reposition the company's operational model in order to put in place the conditions necessary for the implementation of Pixman's potential.

"While we are disappointed that the company's sales forecast and objectives have not been met, it is important to understand that our main business model does not rely only on short term revenues derived from traditional advertising campaigns. Instead Pixman is a multi-angled, multi-device solution developed to offer radically new marketing approaches to bridge the communication gaps between Brands and Customers." stated Daniel Langlois Chairman of the Board of Directors of Pixman. "The company has made significant progress in developing this new marketing solution and we feel confident that Pixman no longer needs to focus on the operational deployment of traditional advertising campaigns in order to reach its full potential."

In the near future and on an on-going basis, Pixman will communicate the details of this ongoing financial and operational restructuring. The Board of directors would like to thank its shareholders and its devoted employees for the continued support and devotion over the past few years. While these drastic steps and changes are difficult and hopefully temporary for most, they are necessary to ensure the continuance and optimal growth of the Pixman activities.

Forward-Looking Statements

This press release contains forward-looking statements. Words such as "can," "have," "should," "anticipate," "believe," "project," "estimate," "plan," "continue" or similar expressions are intended to identify forward-looking statements. These statements are about future and uncertain events and are based on current expectations and assumptions of the management based on currently available information to the management. Pixman cautions the reader that these assumptions regarding future events, many of which are beyond the control of management, may ultimately prove to be incorrect. Factors that could cause actual results to differ materially from those contemplated in forward looking statements include risks associated with economic conditions, risks associated with Pixman's business environment, and operational risk. These forward-looking statements are made as of the date hereof and Pixman disclaims any intention or undertaking to update or revise any forward-looking statements, even as a result of future events or otherwise, except as required by applicable law.

Neither TSX Venture Exchange nor its Regulatory Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Evolution Group Inc.
    Sylvain Archambault
    Investor Relations
    Toll free: 1-866-703-4887
    Pixman Nomadic Media Inc.
    Michel Garneau
    Chief Financial Officer
    Toll free: 1-877-PIXMAN-1