Press release from Business Wire
Postmedia Network to Outsource Vancouver Printing
Thursday, November 28, 2013
Postmedia Network to Outsource Vancouver Printing16:05 EST Thursday, November 28, 2013
TORONTO (Business Wire) -- Further to its announcement of September 9, 2013 regarding the planned sale of the Company's Kennedy Heights printing facility in Surrey, British Columbia, Postmedia Network Canada Corp. (“Postmedia” or the “Company”) today announced the outsourcing of printing of The Vancouver Sun and The Province newspapers when Kennedy Heights closes.
The Company has entered into two separate print outsourcing agreements for the printing of its Vancouver-based newspapers: one with TC Transcontinental Printing for the production of The Vancouver Sun newspaper and the other agreement with Black Press Group Ltd. for the production of The Province newspaper.
In July 2012, the Company announced a three-year transformation program targeting operating cost savings of 15%-20%. Operating cost reductions realized through the shutdown of Kennedy Heights referenced above, represent a portion of these previously announced savings.
About Postmedia Network Canada Corp.
Postmedia Network Canada Corp. (TSX:PNC.A, PNC.B) is the holding company that owns Postmedia Network Inc., the largest publisher by circulation of paid English-language daily newspapers in Canada, representing some of the country's oldest and best known media brands. Reaching millions of Canadians every week, Postmedia engages readers and offers advertisers and marketers integrated solutions to effectively reach target audiences through a variety of print, online, digital, and mobile platforms.
This news release may include information that is “forward-looking information” under applicable Canadian securities laws and “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. The Company has tried, where possible, to identify such information and statements by using words such as “believe,” “expect,” “intend,” “estimate,” “anticipate,” “may,” “will,” “could,” “would,” “should” and similar expressions and derivations thereof in connection with any discussion of future events, trends or prospects or future operating or financial performance. Forward-looking statements in this news release include statements with respect to the -intention to sell real estate in Surrey, B.C and the future outsourcing of the Company's Vancouver-based newspapers. By their nature, forward-looking information and statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. These risks and uncertainties include, among others: competition from other newspapers and alternative forms of media; the effect of economic conditions on advertising revenue; the ability of the Company to build out its digital media and online businesses; the failure to maintain current print and online newspaper readership and circulation levels; possible damage to the reputation of the Company's brands or trademarks; possible labor disruptions; possible environmental liabilities, litigation and pension plan obligations; fluctuations in foreign exchange rates and the prices of newsprint and other commodities. For a complete list of our risk factors please refer to the section entitled “Risk Factors” contained in the Company's management's discussion and analysis for the years ended August 31, 2013 and 2012. Although the Company bases such information and statements on assumptions believed to be reasonable when made, they are not guarantees of future performance and actual results of operations, financial condition and liquidity, and developments in the industry in which the Company operates, may differ materially from any such information and statements in this press release. Given these risks and uncertainties, undue reliance should not be placed on any forward-looking information or forward-looking statements, which speak only as of the date of such information or statements. Other than as required by law, the Company does not undertake, and specifically declines, any obligation to update such information or statements or to publicly announce the results of any revisions to any such information or statements.
Postmedia Network Canada Corp.
Phyllise Gelfand, 416-442-2936
Vice President, Communications
Doug Lamb, 416-383-2325
Executive Vice President and Chief Financial Officer