Sitebrand Inc.
TSX VENTURE : SIB

Sitebrand Inc.

December 01, 2010 16:24 ET

Sitebrand.com Inc. Announces Notice of Intention and CEO Departure

GATINEAU, QUEBEC--(Marketwire - Dec. 1, 2010) - Sitebrand Inc (TSX VENTURE:SIB), a player in online marketing solutions today announces that its wholly owned subsidiary, Sitebrand.com Inc, has filed a Notice of Intention (NOI) to make a proposal to its creditors and has obtained protection from its creditors under the provisions of the Bankruptcy and Insolvency Act ("BIA").

This BIA filing follows a review of the Company's strategic alternatives, latest revenue projections, and amounts owing and becoming due to creditors. It was determined by Sitebrand.com's Board of Directors that as a result of the Company's current financial situation, seeking protection under the BIA would be in the best interest of Sitebrand.com and its stakeholders. Sitebrand.com has secured debt in the amount of approximately $510,000 owing to the Business Development Bank of Canada (BDC) and Caisse Desjardins de Hull, $350,000 of which is due to be repaid to the BDC on Dec. 23, 2010. While under protection of the BIA, the Company will continue its efforts to restructure the business, including the sale of certain assets, the proceeds of which will be used to repay creditors.

BIA protection stays creditors and others from enforcing rights and remedies against Sitebrand.com and affords it the opportunity to prepare a plan for restructuring its financial affairs. By filing the Notice of Intention, Sitebrand.com obtained a stay of creditor claims for 30 days, which may be extended by the courts at certain times.

Sitebrand.com's day-to-day operations will continue uninterrupted throughout the NOI process while the Company considers the restructuring and implements a plan of reorganization. Sitebrand.com's main focus is maintaining the high level of customer service that it has always delivered, and to provide no disruption to its services. Sitebrand.com has retained Doyle Salewski Inc., a licensed trustee, to supervise the operations and proposal.

Additionally, Sitebrand Inc. announces the departure of Chris Corman, Sitebrand's President and CEO. Chris will maintain a role with the Company consulting on specific issues and assisting the Company through its NOI process. John Eckert, Sitebrand's Board Chairman, commented "Chris has made valuable contributions to Sitebrand and the Board will be sorry to see him go. We wish him all the best in his future endeavours and look forward to continuing to work with him throughout this NOI process."

About Sitebrand

Sitebrand personalizes the customer experience for leading online websites across North America with relevant messaging to boost conversion rates, build visitor loyalty, brand, and grow revenues. Sitebrand's personalization platform is an innovative, easy to integrate online marketing solution supported by a seasoned team of personalization experts. Founded in 2000, Sitebrand serves nearly 500 million personalized experiences every month. Sitebrand customers include Smashbox Cosmetics, Kiyonna, James Allen Jewelers, Roots Canada, and BMO Financial.

Disclaimer: Statements in this release that are forward looking involve known and unknown risks and uncertainties, which may cause the company's actual results in future periods to be materially different from any future performance that may be suggested in this release. The company assumes no obligation to update any forward-looking statements contained in this release. Neither TSX Venture Exchange nor its Regulation 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

  • John Eckert
    Chairman of the Board
    416-363-2000