(Montreal, February 26, 2004) – Central Network Communications (CNC) Inc. reported today that it has undertaken aggressive measures in reducing operating costs and refocusing its product lines as it prepares to finalize the sale of its operations to Viropro Inc. (OTCBB:VPRO) in the coming months.
“We want to make sure our resources and energies are fine-tuned to building our order book, implementing customer contracts, achieving profitability and increasing shareholder value over this year”, remarked Robert Egery, President and COO of CNC. “Also, we want to send a clear message to our customers and shareholders that our business foundation is lean, stable and ready for growth in 2004.”
Over the past several weeks, the Company has slashed its burn rate by approximately 70% and has closed down its “Win” human resources product line in order to concentrate on what it believes are the substantial market opportunities at hand for its Case Cost Management solution “Pyramid” which is already installed in two Québec hospitals. Pyramid is catching the interest of healthcare institutions across Canada as the market for innovative decision-support systems appears to be rebounding in 2004.
Mr. Egery, with over 20 years experience in high tech, most of it successfully running business development operations in Honeywell, Lockheed Martin and Bombardier, has personally taken over the reins of CNC’s sales and marketing initiatives to “raise the bar” in terms of sales projections going forward.
As previously announced, the Company is also preparing to enter the fast-growing Life Sciences market through the possible acquisition of CIHC BIODEV Inc., a firm specializing in building marketing and technology transfer partnerships in the human and animal biotechnology sector. Potential for this business, starting with major agreements between partners in Canada, the US and Brazil, could be substantial, with revenues expected to start during 2004. This acquisition is in its preliminary stages and is subject to, among other things, completed due diligence, a long form agreement and Board approval.
The Company anticipates that these developments, combined with others expected over the next several weeks, should provide welcomed assurance to its shareholders.
Importantly, the Acquisition Agreement with Viropro has been signed and Shareholder Approval has been obtained. The transaction will be completed once certain closing conditions are met, including, among other things, SEC approval of an S-4 Registration Statement covering the 20,000,000 shares to be issued, which Viropro intends to file before the end of this month.
About Central Network Communications (CNC) Inc.
Central Network Communications Inc. develops and markets proven, innovative management solutions for the Healthcare sector. Headquartered in Montreal, Central Network Communications is a public company listed on the OTC Other market under the ticker symbol CNCW. For more information, visit www.cncinc.ca.
For further information:
Jérôme Cliche, Vice-President Financial Communications
Trivor Financial Communications
Phone : 514-876-9997, Extension 286
Email : jcliche@trivor-inc.com
Heute auf einem all time low gelandet.
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Nur an der OTC handelbar!!!
Wie immer ein High risk
