TORONTO, Aug. 27 /CNW/ - Broadband Learning Corp (TSX-V:BLC) (the
"Company" or "BLC") today announces the following restructuring, board
resignations, personnel changes, and a holding in iTeam IT, Inc. ("iTeam"):
The Company has worked diligently to expand its elearning and network
services divisions following the collapse of its i-vu joint venture as a
result of i-vu's inability to generate the anticipated revenue stream.
Unfortunately, the resources available to BLC have been fully utilized
and the decision has been taken to cease operations. As a result the Company
will not be filing 2nd Quarter-2009 financials on Aug 29, 2009.
Interim CFO and director Andrus Wilson advised the Board on August 5,
2009 that he would be resigning as both CFO and director. Messrs Linton, and
Yarnell, resigned as of August 18, as directors and officers of BLC. Bob
Dameron served notice on August 19 that he will terminate his contract as CEO
of the Company and resign as a director effective August 27, 2009.
David Molinaro, an officer of BLC as well as its US subsidiaries, left
the Company to pursue other interests on July 30, 2009.
BLC's liabilities far exceed the value of its remaining assets, being
9.9% of the common shares of iTeam, a private company based in Westford, MA,
and a 25% interest in BLC Holdings Inc., a former subsidiary of BLC.
The remaining 75% of BLC Holdings Inc. has been acquired by the Company's
former US elearning management team - who will continue to operate it.
The Company has transferred its network services operations to iTeam,
which is a leading provider of consumer electronic, digital media and computer
For further information:
For further information: Bob Dameron, (416) 678-1123