|
|
close window |
|
Bridges to Remain Independent
July 31, 2003 KELOWNA, BC -- Bridges.com, Inc. (the "Company") (TSX: BIT), the leading provider of products and services for achieving education and career success, today announces that it will remain independent and pursue a strategy for growth in revenue and profitability. On May 28, 2003, Bridges announced it had retained ThinkEquity Partners Inc. to advise the Company with respect to strategies to maximize shareholder value. This work, conducted by ThinkEquity and Bridges' management, was focused on an examination of the Company's future operating plans and prospects. As part of this project, discussions were held with several companies seen as potential strategic acquirers of Bridges. The objective of this review was to determine if Bridges' shareholders would be advantaged by the sale of the Company or by the Company's continued operation as an independent entity. Based upon the reviews, discussion, and advice, Bridges' management has recommended to the Board to indefinitely defer a divestiture of the business and to adopt a business plan for growth in revenue and profitability. The Board of Directors has accepted this recommendation. Within the context of the plan, Bridges will seek to develop or acquire new products and services to provide to its more than 14,000 subscribers throughout North America. In the near term, the Company will announce the first of the new offerings. Also in the near term, the Company will be clarifying its strategy and providing guidance respecting revenue and profitability for fiscal 2004. About Bridges About ThinkEquity Partners ThinkEquity's partnership structure is designed to leverage deep domain expertise across brokerage, investment banking and asset management businesses. With our focused knowledge, ThinkEquity aims to become an essential partner with the leading growth companies of today and tomorrow. For more information on ThinkEquity Partners please visit www.thinkequity.com. Forward-Looking Statements The foregoing includes forward-looking statements which are based on management's beliefs as well as on a number of assumptions concerning future events made by and information currently available to management. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement to the Corporation's services and products; customer demand for its products and services; expectations concerning future revenue and earnings; general economic and business conditions; control of costs and expenses; loss of key employees; stock market volatility; changes in laws and regulations; Bridges' ability to compete successfully and adapt to technological advances and changing industry standards; currency exchange rate fluctuations; economic, political, and other risks associated with national and international sales and operations; Canadian and U.S. government regulations; price and product competition; the ability to implement in a timely manner the Corporation's restructuring plans; the ability to form and implement alliances; and other factors and risks. All forward-looking statements in this news release are based on management's reasonable beliefs, intentions, and expectations with respect to future events and are subject to certain risks, uncertainties, and assumptions as of the date hereof. Readers are cautioned not to put undue reliance on such forward-looking statements which are not a guarantee of future performance and are subject to a number of risks, uncertainties and other factors -- many of which are outside of Bridges' control -- that could cause actual results, performances or achievements of Bridges to differ materially from any future results, performances or achievements expressed or implied by such forward-looking statements. The Corporation cannot give assurance that the forward-looking statements contained herein will be realized. Bridges assumes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Contact:
|
|
|
close window |