DANE-ELEC MEMORY 
By Press Release
Legal framework to underpin the Group's strategic recovery plan in France: safeguard procedure filed for and approved Paris. October 22, 2012 - Dane-Elec Memory, manufacturer and distributor of digital Flash memory- based products, reports on the work carried out so far to determine which strategic options will best ensure its recovery.
Dane-Elec Memory's provisional half-yearly results published
on September 29 are clear confirmation of the group's need to
rapidly implement a strategic recovery plan, primarily for
its activities in France. The future plan has two aims which
are to reboost sales whilst continuing to streamline costs,
and will be implemented alongside the measures already
undertaken by the group since the beginning of the year that
have given its overseas subsidiaries room to gradually
restore their bottom line (outsourcing of logistics
activities, scheduled closure of its manufacturing plant in
Ireland by the end of 2012).
In the interests of sound management, and to ensure the most
appropriate legal framework for the definition and
implementation of this plan, on October 17, 2012, Dane-Elec
Memory filed and was granted a request with the Tribunal de
commerce de Bobigny (93) to open a safeguard procedure
(bankruptcy protection) for French entities, Dane-Elec Memory
and Dane-Elec SA with an observation period of 6 months.
The safeguard procedure, which is reserved for companies that
are not insolvent or in suspension of payments, enables
business to restructure and pursue their economic activity,
avoid job losses and pay off their debt.
For the duration of the observation period, Dane-Elec Memory
will be able to operate under normal conditions, giving it
the margin it needs to finalize and then implement its
recovery plan. The company's management has set itself a
deadline of 2 months to finalize the plan with the
collaboration of its employees and partners whose involvement
and collaboration are crucial to its success.
Under the circumstances, Dane-Elec Memory is unable to approve its financial statements by the dates announced on September 29 or to publish its half-yearly financial report. The company undertakes to inform the market of any further developments as rapidly as possible.
About Dane-Elec www.dane-elec.frDane-Elec Memory is an international company specialized in the manufacture and distribution of digital products (Flash and Dram memories). Its recognized expertise and the quality of its products also mean the company is the exclusive distributor of Flash memory products for major names such as Duracell, Marvel Comics, Harry Potter and Disney.
As a global player, Dane-Elec Memory operates in Europe, the United States, Asia, and the Middle East. It also has a hand-held product distribution subsidiary, Intervalle, in France.
In 2011, Dane-Elec Memory generated revenues of € 95 million.
Dane-Elec Memory is listed on the NYSE Euronext in Paris (ISIN: FR000036774, MNEMO: DAN) since 1997 and has been awarded the label of Innovative Company by France's National Agency for Industrial Innovation, OSEO innovation. Its shares are traded on the CAC Small index.
Finance contacts:
ACTUS finance & communication - www.actus.frShareholders / Analysts / Investors: | Journalists: |
Jérôme Fabreguettes-Leib | Nicolas Bouchez |
+33 (0)1 77 35 04 36 |
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