Financial Press Release
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“Cartesian is an established leader in its field with a collection of some of the finest industry professionals in the world. The Board of Directors of the Company believes that pursing potential changes to how the company is structured, as well as potential strategic transactions, is the best way to position the Company strategically and accelerate growth. The industry we serve is changing rapidly and we have the potential to be a leader in working with our customers in their transformational activities,” said
Cartesian does not expect to disclose further developments relating to this strategic review process, unless and until the Company has approved a specific transaction or otherwise concludes this review of strategic alternatives. There can be no assurance that this process will result in the Company pursuing a particular transaction or consummating any such transaction.
The Company has also announced several management changes designed to support the strategic review and improve performance by reducing costs, increasing efficiencies and vesting decision-making authority closer to the operating units.
Chief Financial Officer
In connection with this review of strategic alternatives, the Company has postponed its Annual Shareholder Meeting to allow the process to be concluded and to allow shareholders to act with the benefit of knowing the results of this effort.
Cautionary Statement Regarding Forward Looking Information
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, any statements that do not relate to historical or current facts constitute forward-looking statements, including any statements contained herein regarding expectations with respect to the Company’s future business, financial condition and results of operations and the strategic review process. Forward-looking statements are subject to known and unknown risks, uncertainties, and contingencies, many of which are beyond the Company’s control, which may cause actual results, performance, or achievements to differ materially from those anticipated, projected or implied in such forward-looking statements. Factors that might affect actual results, performance, or achievements include, among other things, our ability to generate sufficient cash flow from operations and obtain sufficient financing to pay our promissory note issued to Elutions if called for redemption by Elutions, our ability to successfully implement our strategic relationship with Elutions, our ability to consummate transactions with one or more strategic partners or investors, conditions in the industry sectors that the Company serves, overall economic and business conditions, the demand for the Company’s services, the level of cash and non-cash expenditures incurred by the Company, and the factors described in this press release and in Cartesian’s filings with the