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 user 2006-05-24 at 12:44:00 pm Views: 44
  • #15533

    Adsero Reports Year-End Results and Realignment of Business
    May , 2006  — Adsero Corp. (“Adsero”), a North American printer
    cartridge re-manufacturer, announced its annual results for the
    year-ended December 31, 2006. Revenues for the year ended December 31,
    2005 were $27,841,164 with Net Loss of $7,387,429. Included in this
    loss, the Company recorded one time charges of $5,009,846 including a
    goodwill impairment charge of $3,194,722. After adjusting for these
    charges, the Company reported earnings before interest, taxes and
    depreciation  of $90,105 for the year.    The Company also announced
    that it has obtained an extension related to its banking facility until
    July 31, 2006, and in addition, it has received a term sheet from one
    of the major banks in Canada in relation to a banking facility to
    replace National Bank. The term sheet is subject to due diligence,
    which should commence shortly.“As announced in January, we have been
    working to streamline our business in order to capitalize on the supply
    agreement with Turbon giving us access to high quality products at a
    much lower cost. The industry has become extremely price competitive at
    present, and we are moving to position the Company to compete within
    the new parameters of the market.“As part of this transition, during
    the second half of 2005 and the first half of 2006, we felt it
    necessary to carry additional costs in our system while we moved
    production in some of our high volume products into Turbon’s
    manufacturing system. We commenced the downsizing of our infrastructure
    with the first step in December 2005 and the second step in March 2006.
    The changes will continue in order to optimize the operations of our
    Company.“As we move forward, we will continue to streamline our
    operations to realize on the capabilities available under the supply
    agreement. The past year has been a major transition period, due not
    only to the change in the way we do business but also due to the
    strengthening of the Canadian dollar. Since our production plant is in
    Canada, we have been negatively impacted by the strong Canadian dollar.
    As we shift production to lower cost plants and realign our existing
    cost structure we expect to see the benefits. We are proactively
    positioning the company to be able to compete as a leader and
    consolidator within the industry, which has changed significantly over
    the last 18 months. In addition, we are establishing a strong
    foundation to complete our original objectives of strategic business
    growth through acquisitions and new businesses initiatives. There are
    some very aggressive and exciting mandates we are presently working on
    which I look forward to announcing in the imminent future,” stated
    Yvon Leveille, President and CEO of Adsero Corp.

    About ADSERO Corp.

    Corp., through its wholly owned subsidiary Teckn-O-Laser Global
    Company, is a North American leader in the printer cartridge
    remanufacturing industry. 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.