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 user 2006-06-27 at 11:16:00 am Views: 44
  • #15870

    ADSERO Announces Changes in Operating Subsidiary

    June, 2006  — ADSERO Corp., a North American printer cartridge
    remanufacturer, today announced major changes in its Tecknolaser
    operating subsidiary.“As part of our continuing plan to streamline our
    cost structure, strengthen our balance sheet, optimize around our
    innovative channel strategy and become a leader in the global
    remanufacturing industry, we have entered into an agreement whereby we
    are selling selected assets of our Tecknolaser subsidiary to Turbon
    International, Inc. This will allow Tecknolaser and Turbon to leverage
    the competencies of each company as well as the go to market and
    delivery methods, to be optimized within our respective cost
    structures. In addition, as we seek to complete the major transaction
    with Turbon, this helps to crystallize the benefits of the overall
    synergies between the two organizations. Bringing production under one
    roof is part of the overall strategy to complete our objective which we
    had announced over a year ago,” stated Yvon Leveille, President and
    CEO of ADSERO Corp.Tecknolaser will sell certain customer accounts and
    the related inventory to Turbon. In addition certain production fixed
    assets will be sold to Turbon as a result of the closure of
    Tecknolaser’s production operations in Sainte Julie, Quebec. Turbon
    will pay an amount on closing, which is dependent upon the actual
    amount of inventory and fixed assets at the time of closing. The
    transaction is targeted to close no later than July 31, 2006, but is
    dependent upon certain consents being obtained, as well as the
    logistics of the transfer of inventory and fixed assets.The resulting
    Tecknolaser will be a more focused company with a mandate to continue
    to pursue innovative strategies, such as its aggressive push into
    non-traditional retail channels for organic growth, and a strong
    platform for future acquisitions. The company will have access to
    strong production capabilities through the outsourcing of all of its
    production to qualified lower cost production facilities within the
    Turbon Group’s global centers. The experience that ADSERO has had with
    its Turbon relationship has confirmed the ability to improve margins,
    maintain high quality levels and increase market competitiveness.

    About ADSERO Corp.
    Corp. (http://www.adserocorp.com ), through its wholly owned subsidiary
    Teckn-O-Laser Global Company, is a North American printer cartridge
    remanufacturer. The company manufactures and distributes remanufactured
    toner cartridges and inkjet cartridges. These products are sold to a
    variety of channels such as distributors and retail office supply
    stores, both domestically and internationally.

    About Turbon AG
    AG (http://www.turbon.de ), through its subsidiaries, develops,
    produces and distributes compatible imaging supplies for Laser, Inkjet,
    Dot Matrix and Thermal Transfer printers. Turbon operates production
    plants in Europe, Asia and the USA and had revenues of approximately
    Euros 117 million for fiscal 2005.