MONTREAL, Sept. 12, 2006 (PRIMEZONE) -- ADSERO Corp. ("ADSERO") (OTCBB:ADSO), a North American printer cartridge re-manufacturer, today announced the signing of a 10-year supply agreement and a revolving operating line with Turbon AG. In addition, the Company eliminated all debt owing to the Turbon Group which was approximately $3.9 million through the return of the shares of Turbon AG held by ADSERO which were valued at approximately $3.4 million at the time of the transaction. The Company is still presently pursuing the financing needed to complete the acquisition of Turbon AG as well as other alternative strategies within the industry.
"We continue with the streamlining of our business and the strengthening of our balance sheet. We now have a long-term strategic supply agreement which will allow us to focus on building our business efficiently and profitably. Our debt picture has improved greatly since the National Bank loan is expected to be repaid in full within the next couple of weeks. We have reduced our debt by in excess of approximately $10.5 million since June 30, 2006. This aggressive balance sheet clean-up reduces our ongoing expenses so we can utilize our cashflow within the business. The importance of a strong balance sheet and a streamlined profitable enterprise is of primary importance and we are well on our way to finalizing this objective," stated Yvon Leveille CEO of ADSERO Corp.
About ADSERO Corp.
ADSERO Corp. (http://www.adserocorp.com ), through its wholly owned subsidiary Teckn-O-Laser Global Company, is a North American printer cartridge distributor. The company distributes remanufactured toner cartridges and inkjet cartridges. These products are sold to a variety of channels such as distributors and retail office supply stores, both domestically and internationally.
The ADSERO Corp. logo is available at http://www.primezone.com/newsroom/prs/?pkgid=2199
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