GLENEX INDUSTRIES SUSPENDS COLORIZATION OPERATIONS
GLENEX INDUSTRIES SUSPENDS COLORIZATION OPERATIONS TORONTO, March 10 /PRNewswire/ -- Glenex Industries Inc.
(NASDAQ-NMS: GLXIF) today announced that active operations of its subsidiary Colorization Inc. will be suspended, effective March 31, 1992. Since February, 1991, Colorization has been pursuing research and development on a project involving a computer assisted cel painting process for the animation industry.
Funding for the project to date, totalling approximately $1.4 million, has been provided by Glenex Industries Inc. Management of Glenex and Colorization have determined that the project cannot continue without third party financing, and are attempting to obtain such financing. Costs of the suspension of Colorization's operations are not expected to exceed $100,000, funding for which will be provided by Glenex. This decision is not expected to have a material adverse effect on the consolidated financial position of Glenex since all research and development costs of Colorization have been charged to income as incurred. -0- 3/10/92 /CONTACT: Elaine N. Carlebach, Glenex Industries, 416-962-9292, or FAX: 416-962-8730/ (GLXIF) CO: Glenex Industries Inc.; Colorization Inc. ST: Ontario IN: SU:
SH -- NY054 -- 6943 03/10/92 13:51 EST
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|Date:||Mar 10, 1992|
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