14th Mar 2007 07:02
Photo-Me International PLC14 March 2007 PHOTO-ME INTERNATIONAL PLC Proposed share buy-back/proposed appointment of non-executive Directors/ implementation of Strategic Review/5th successive DIMA award PMI (PHTM.L), the digital imaging company, is now updating the market on variousimportant matters related to its Strategic Review. It would also like to informshareholders that its minilabs have won the top global imaging industry awardfor a 5th successive year. Proposed buy-back PMI proposes to commence a buy-back of up to 5% of its issued share capital assoon as practicable, following the transfer of sufficient distributable reservesinto the Company. This may be increased to 10%, the limit of PMI's existingauthorisation by shareholders. Proposed appointment of non-executive Directors PMI intends to appoint two additional independent non-executive Directors andthis process is now underway. Implementation of Strategic Review PMI reiterates what was said in its announcement of 2 March 2007, namely thatthe Strategic Review process continues actively, with the assistance of JPMorganCazenove and Lazard. Following the completion of the Strategic Review, a furthersubstantial return of capital to shareholders will be effected. 5th Successive DIMA award PMI's minilabs have won, for an unparalleled fifth successive year, the mostprestigious accolade of the imaging industry. This is the DIMA (Digital ImagingMarketing Association) Digital Printer Shoot-Out in the digital minilab categoryat the imaging industry's main gathering, the 2007 PMA (Photo MarketingAssociation) Convention and Trade Show in Las Vegas. PMI's third generation DKS 1610 and 1710 minilabs won the award in the importantup-to-8-inches-wide and up-to-12-inches-wide categories, respectively. Theawards are a result of votes by a panel of expert judges on the overall qualityand colour accuracy of digital prints. PMI also won a DIMA Innovative Digital Product Award for its Photobook Pro, amachine producing digital photo albums. This "Best in Show" style award is givento the products and services exhibited at PMA 2007 that are eithertechnologically innovative or the first of their kind. Notes for Editors: PMI is a specialist digital imaging company focused on professional laboratoriesand end-consumer vending solutions. PMI has developed a unique range of digitalprofessional processing laboratories (minilabs and wholesale labs) and a suiteof end-consumer vending equipment. PMI's minilabs have been developed by PMI's R&D department in Grenoble, France and, since August 2006, the third generationhas been manufactured under sub-contract in Singapore. Typically, minilabs aresited in specialist photographic outlets, supermarkets and pharmacies. PMI isthe exclusive supplier of digital minilabs in both 2006 and 2007 to the largestretail pharmacy chain in the USA. Enquiries: Photo-Me International plc 01372-453 399 Vernon Sankey (Chairman) Serge Crasnianski (Chief Executive Officer) Jean-Luc Peurois (Finance Director) Website: www.photo-me.co.uk Bankside Consultants Limited Charles Ponsonby 020-7367 8851 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
PHTM.L