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.
Forward-Looking Information
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.
Copyright Business Wire 2013