Pixman Nomadic Media Inc.

Pixman Nomadic Media Inc.

February 04, 2010 11:12 ET

Pixman Restructures and Seeks Buyers for its Activities

MONTREAL, QUEBEC--(Marketwire - Feb. 4, 2010) - Pixman Nomadic Media Inc. (TSX VENTURE:PMN) and its wholly-owned subsidiary, Pixman Corporation Inc. ("Pixman" or "the Companies") announced that they have filed on February 2, 2010 a notice of intention to make a proposal to creditors under the Bankruptcy and Insolvency Act. As such, they have retained the services of PriceWaterhouseCoopers Inc.to oversee the reorganization process and assist the Companies in their search for prospective purchasers.

Due to the unsuccessful efforts to find additional financing, this step was unavoidable. Similarly, the Companies announce the resignation of all Board of Directors members as well as the resignation of the interim President and CEO.

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

  • Pixman Nomadic Media Inc.
    Michel Garneau
    Chief Financial Officer
    514-845-9669, ext. 224
    Toll free: 1-877-PIXMAN-1