MONTREAL, June 22, 2006 (PRIMEZONE) -- ADSERO Corp. ("ADSERO") (OTCBB:ADSO), 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.
ADSERO 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
Turbon 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.
Safe Harbor Statements
Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 and may contain forward-looking statements, with words such as "anticipate," "believe," "expect," "future," "may," "will," "should," "plan," "projected," "intend," and similar expressions to identify forward-looking statements. These statements are based on the Company's beliefs and the assumptions it made using information currently available to it. Because these statements reflect the Company's current views concerning future events, these statements involve risks, uncertainties and assumptions. The actual results could differ materially from the results discussed in the forward-looking statements. In any event, undue reliance should not be placed on any forward-looking statements, which apply only as of the date of this press release. Accordingly, reference should be made to the Company's periodic filings with the Securities and Exchange Commission.
The ADSERO Corp. logo is available at http://www.primezone.com/newsroom/prs/?pkgid=2199