Pixman Nomadic Media Inc.

Pixman Nomadic Media Inc.

October 07, 2009 09:28 ET

Pixman Nomadic Media Announces an Important Restructuring of its Activities

MONTREAL, QUEBEC--(Marketwire - Oct. 7, 2009) - Facing global economic slowdown and the decline of activities in the field of advertising, Pixman Nomadic Media Inc. (TSX VENTURE:PMN) ("Pixman") announces a significant restructuring which includes a reduction of its activities to focus on recapitalizing of the corporation, among other things, and to support the development of its new applications for mobile devices.

Consequent to the weak sales performance over the last three quarters, explained by the global economic slowdown and the decline of the sector in which Pixman operates, the Board of Directors has decided to act quickly and reduce the total expenditure of the corporation to ensure the continuance of the business.

During this period of restructuring, Pixman will maintain certain essential activities, such as customer service and will support the execution of existing contracts. Pixman must, however, reduce significantly all its costs of operation and must therefore reduce temporarily its workforce to tackle this critical period.

Alongside these organizational changes, Pixman's management will carry out a financial restructuring involving a recapitalization that is necessary for the development of the Pixpal® applications.

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.
    Philippe Gribeauval
    President and Chief Executive Officer
    514-845-9669; Toll free: 1 877 PIXMAN-1
    Evolution Group Inc.
    Sylvain Archambault
    Investor Relations
    514-448-4887; Toll free: 1-866-703-4887