Cott To Consolidate Corporate Offices, Apply New Controls on Capital Expenditures.TORONTO--(BUSINESS WIRE)--Oct. 16, 1998--Cott Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :COTTF)(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :BCB BCB Banco Central do Brasil (Brazil's central bank) BCB Borland C++ Builder BCB Bangladesh Cricket Board BCB Benzocyclobutene (low loss dielectric substrate) BCB Bumiputra-Commerce Bank BCB Broadcast Band .)(ME:BCB.) Cott Corporation today announced its intention to move its Executive offices from downtown Toronto Downtown Toronto is the heart of the City of Toronto, Ontario, Canada. It is approximately bounded by Bloor Street (including areas slightly north of Bloor around Yonge Street) to the north, Lake Ontario to the south, Bayview Avenue - Don Valley Parkway to the east, and Bathurst to a site near its plant in nearby Mississauga, Ontario For the First Nation, see . Mississauga (pronounced: [ˌmɪsɪˈsɑgə] listen . In another action to reflect tightened cost controls, the Company made known that tougher, more stringent criteria are being applied to new capital expenditures. "With so many projects underway," said Raymond P. Silcock, Chief Financial officer, "we are stretched in terms of priorities as we re-engineer our supply chain. "These steps are consistent with our disciplined management approach, and in the face of competitive market conditions, they are appropriate at this time," he said. "In both North America and the United Kingdom, we are driving for long-term profitable growth but we do not foresee an immediate rebound in our business earnings. In fact, pressure on sales and earnings continues. "We are instituting new controls, strengthening our go-to-market process and steadying our manufacturing operations as we look to the year ahead," Silcock added. "Measures now being applied will require time to show results, as CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Frank Weise said at our Annual General Meeting in July. "Moving our headquarters will achieve substantial savings in the range of one million dollars annually," Silcock said. "Consolidating our office operations next to our manufacturing site also provides for a stronger interface among our production, development and corporate teams. Savings from reduced capital expenditures will also be significant although they have not been quantified at this time." Forward-looking Statement forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. The foregoing information may contain forward-looking statements relating to the future performance of Cott. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties and actual results may differ materially. These risks and uncertainties are detailed from time to time in the company's filings with the appropriate securities commissions. |
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