MONTREAL, Nov. 23, 2005 (PRIMEZONE) -- ADSERO Corp. ("Adsero") (OTCBB:ADSO), a North American leader in the printer cartridge remanufacturing industry, today announced a third quarter net loss of $822,690, after one-time charges of approximately $312,000 related to changes in its business. The loss from operations was $211,704 and EBITDA was approximately $15,000 after adjusting for the one-time charges.
The charges stem from the shift of toner cartridge production to Turbon's facilities and the resulting changes in the overall way Adsero conducts business. These changes will help strengthen Adsero to compete going forward allowing the Company to leverage Turbon's manufacturing capacity and capabilities.
"The Company is experiencing pricing pressure within the industry and is currently going through the shift from producing in our own plants to outsourcing our higher volume products. This shift has forced us to look at every aspect of our business, from empty collection and raw material purchases, all the way through to logistics and how we get the product to our customer. In doing this we will be building a much stronger company and I am excited about our future. These changes, combined with the strengthening of our Board with members from The Turbon Group, sets the stage for us to compete strongly in North America under the existing pricing pressure currently being experienced in the re-manufacturing segment," stated Yvon Leveille, CEO of Adsero Corp.
The full results are available in our filing on the Edgar filing system and also on our website at http://www.adserocorp.com
About ADSERO Corp.
ADSERO Corp., through its wholly owned subsidiary Teckn-O-Laser Global Company, is a North American leader in the printer cartridge remanufacturing industry. The company manufactures and 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.
To find out more about ADSERO Corp. (OTCBB: ADSO), visit our website at http://www.adserocorp.com
About Turbon AG
Turbon AG (http://www.turbon.de ), through its subsidiaries, develops, produces and distributes compatible imaging supplies for Laser, Inkjet, Dot Matrix and Thermal Transfer printers. Turbon operates production plants in Europe, Asia and the USA and had revenues of approximately Euros 123 million for fiscal 2004.
Safe Harbor Statements
Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 and may contain forward-looking statements, with words such as "anticipate," "believe," "expect," "future," "may," "will," "should," "plan," "projected," "intend," and similar expressions to identify forward-looking statements. These statements are based on the Company's beliefs and the assumptions it made using information currently available to it. Because these statements reflect the Company's current views concerning future events, these statements involve risks, uncertainties and assumptions. The actual results could differ materially from the results discussed in the forward-looking statements. In any event, undue reliance should not be placed on any forward-looking statements, which apply only as of the date of this press release. Accordingly, reference should be made to the Company's periodic filings with the Securities and Exchange Commission.