Advantex Adapts to New Economic Realities
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 01/28/15 -- Advantex Marketing International Inc. (CSE: ADX), a specialist in marketing loyalty-reward programs, is taking a number of pre-emptive measures in response to recent developments in the Canadian marketplace.
"We consider it prudent to take a conservative view of consumer spending for at least the next 12 months, given the precipitous drop in the oil price and forecasts of slowing growth in the overall economy during 2015," Kelly Ambrose, Advantex's president and CEO, said.
The challenges facing many of Advantex's merchants as well as recent moves by several multinational retail chains to scale back their Canadian operations have underlined the need for a cautious approach, Mr Ambrose added.
Accordingly, Advantex is reducing its workforce by roughly 10 per cent, and implementing a modest pay cut across the entire company. These measures are expected to yield annual cost savings of about $1.5 million.
"I sincerely regret the disruption that these adjustments will cause to our loyal and valued team of employees," Mr Ambrose said. "However, by adjusting our business model in a timely manner to the new economic realities, we are securing Advantex's long-term growth and financial well-being for the benefit of all our stakeholders."
About Advantex:
Advantex provides specialized marketing programs that enable members of affinity groups to earn frequent-flyer miles and other loyalty rewards through purchases at participating merchants.
Through our partnerships with Aeroplan, Canadian Imperial Bank of Commerce, Toronto-Dominion Bank and Caesars Entertainment, we have contractual access to millions of consumers with above-average personal and household income. We also have partnerships with about 1,700 merchants in Canada and the US.
Advantex shares trade on the Canadian Securities Exchange under the symbol ADX. For more information, go to .
Forward-Looking Information
This press release contains certain "forward-looking information" as such term is defined in Canadian securities legislation. All information, other than information comprised of historical fact, that addresses activities, events or developments that Advantex believes, expects or anticipates will or may occur in the future constitutes forward-looking information. Forward- looking information is typically identified by words such as: "anticipate", "believe", "expect", "intend", "plan", "will", "may", "should", "could" and other similar expressions.
Forward-looking information reflects the current expectations or beliefs of Advantex based on currently available information.
Forward-looking information is subject to a number of risks, uncertainties and assumptions that may cause the actual results of Advantex to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on Advantex. Factors that could cause actual results or events to differ materially from current expectations include, among other things, those listed under "General Risks and Uncertainties" and "Economic Dependence" in the management discussion and analysis for the quarter ended September 30, 2014.
Forward-looking information is provided and forward looking statements are made, only as of the date of this press release and, except as may be required by applicable securities legislation, Advantex disclaims any intent or obligation to update any forward-looking information or forward looking statement, whether as a result of new information, future events or results or otherwise. Although Advantex believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
Contacts:
Advantex Marketing International Inc.
Mukesh Sabharwal
Vice-President and Chief Financial Officer
Tel: 905-470-9558 ext. 249
Email:
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Datum: 28.01.2015 - 21:05 Uhr
Sprache: Deutsch
News-ID 367610
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