CNC On the Move: Cuts Costs and Re-Focuses Product Lines.Business Editors MONTREAL--(BUSINESS WIRE)--Feb. 26, 2004 Central Network Communications (CNC (Computerized Numerical Control) See numerical control. CNC - Collaborative Networked Communication ) Inc. reported today that it has undertaken aggressive measures in reducing operating costs operating costs npl → gastos mpl operacionales and refocusing its product lines as it prepares to finalize the sale of its operations to Viropro Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :VPRO An x86 chip platform from Intel that supports hardware-based remote systems management. It comprises a Core 2 Duo CPU and a chipset that features Intel's Active Management Technology (AMT). ) in the coming months. "We want to make sure our resources and energies are fine-tuned to building our order book, implementing customer contracts, achieving profitability and increasing shareholder value over this year", remarked Robert Egery, President and COO of CNC. "Also, we want to send a clear message to our customers and shareholders that our business foundation is lean, stable and ready for growth in 2004." Over the past several weeks, the Company has slashed its burn rate by approximately 70% and has closed down its "Win" human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. product line in order to concentrate on what it believes are the substantial market opportunities at hand for its Case Cost Management solution "Pyramid" which is already installed in two Quebec hospitals. Pyramid is catching the interest of healthcare institutions across Canada as the market for innovative decision-support systems appears to be rebounding in 2004. Mr. Egery, with over 20 years experience in high tech, most of it successfully running business development operations in Honeywell, Lockheed Martin and Bombardier, has personally taken over the reins of CNC's sales and marketing initiatives to "raise the bar" in terms of sales Terms of sale Conditions under which a firm proposes to sell its goods or services for cash or credit. projections going forward. As previously announced, the Company is also preparing to enter the fast-growing Life Sciences market through the possible acquisition of CIHC CIHC Center for International Health and Cooperation BIODEV Inc., a firm specializing in building marketing and technology transfer partnerships in the human and animal biotechnology sector. Potential for this business, starting with major agreements between partners in Canada, the US and Brazil, could be substantial, with revenues expected to start during 2004. This acquisition is in its preliminary stages and is subject to, among other things, completed due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. , a long form agreement and Board approval. The Company anticipates that these developments, combined with others expected over the next several weeks, should provide welcomed assurance to its shareholders. Importantly, the Acquisition Agreement with Viropro has been signed and Shareholder Approval has been obtained. The transaction will be completed once certain closing conditions are met, including, among other things, SEC approval of an S-4 Registration Statement covering the 20,000,000 shares to be issued, which Viropro intends to file before the end of this month. About Central Network Communications (CNC) Inc. Central Network Communications Inc. develops and markets proven, innovative management solutions for the Healthcare sector. Headquartered in Montreal, Central Network Communications is a public company listed on the OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). Other market under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors CNCW. For more information, visit www.cncinc.ca. CNC's Safe Harbour Statement Except for any historic information contained herein, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties, which are subject to section 27A of the Securities Act of 1933 and section 21E of the Exchange Act of 1934, and are subject to safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. created by these sections. Any statements that express or involve discussions with respect to predictions, beliefs, plans, projections, objectives, goals, assumptions of future events or performances are not statements of historical fact and may be "forward looking statements". Forward looking statements in this release may be identified through the use of such words as "expects", "anticipates", "estimates", "believes", or statements indicating certain actions "may", "could", or "might" occur. Actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements, which involve numerous risks and uncertainties, including the Company's ability to market its products and services in a competitive environment as well as other factors. |
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