Press Release: AgfaPhoto North America Unaffected by Parent Company’s Insolvency Filing


Ridgefield Park, N.J., June 2, 2005 The North American operating unit of AgfaPhoto, the independent company which has emerged from the Consumer Imaging division of the Agfa-Gevaert Group, today announced that its financial position and business operations are unaffected by the insolvency filing of its parent company, AgfaPhoto GmbH, in Germany last week. AgfaPhoto North America is a separate legal entity from AgfaPhoto GmbH.

“We are proceeding in business-as-usual mode with no interruption in the delivery of products and services to our steadily growing customer base,” said Bing Liem, president and CEO of AgfaPhoto North America. “We will not reduce our commercial activities as a result of our parent company’s change in status.”
Liem stated that the AgfaPhoto organizations in the United States, Canada and Mexico are solvent and have no plans to file for bankruptcy. He added that all of the other AgfaPhoto sales organizations worldwide are also solvent.
According to Liem, AgfaPhoto USA has realized exceptional growth and success in 2005 and has strong prospects for further growth in the retail marketplace -- including independent and chain drug, supermarket, warehouse and club channels -- as well as its longstanding customer base of independent photo dealers and professional photo labs. “We are on track to achieve revenue growth of 20 percent over last year --an increase that reflects our successful transition from analog to digital product offerings,” Liem said.
To ensure continuity of its business operations during restructuring, AgfaPhoto GmbH has secured interim financial support through the distribution of funds by former parent company, the Agfa-Gevaert Group, to AgfaPhoto GmbH. “These funds will enable us to continue serving our customers during our parent company’s reorganization, which will result in a stronger, more viable company,” Liem said.
About AgfaPhoto
AgfaPhoto develops, produces and markets next-generation digital photofinishing products and services -- including its popular Agfa d-lab image processing equipment -- that enable retailers and professional labs to capture the growing digital photofinishing market. The AgfaPhoto suite of in-store processing products and services meets the spectrum of requirements for next-generation digital photofinishing, and enables retailers to cost-effectively offer their customers a vast array of image processing options, photo specialty products, as well as connectivity tools that provide consumers with “anytime, anywhere” access to their images. The growing AgfaPhoto product line includes all Agfa Film, Finishing (photopapers and photochemicals), and Lab Equipment products and associated services. AgfaPhoto is a privately held company with North American Operations based in New Jersey; worldwide headquarters in Leverkusen, Germany; and a market presence in every continent.
Visit the AgfaPhoto Web site at www.agfaphoto.com

Posted: Thu - June 2, 2005 at 01:00 AM          


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