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BlackBerry forms a Special Committee to consider its alternatives on continued sales woes

The board of directors for smartphone maker BlackBerry has announced the formation of a Special Committee to explore strategic alternatives to enhance the value and accelerate the development of BlackBerry 10. The announcement comes only a few days after a report surfaced that BlackBerry might go private to attempt to fix its problems outside of the public eye.

The Special Committee of the Board includes Barbara Stymiest, Thorsten Heins, Richard Lynch and Bert Nordberg. The chair of the Special Committee is Timothy Dattels.

"During the past year, management and the Board have been focused on launching the BlackBerry 10 platform and BES 10, establishing a strong financial position, and evaluating the best approach to delivering long-term value for customers and shareholders," said Dattels. "Given the importance and strength of our technology, and the evolving industry and competitive landscape, we believe that now is the right time to explore strategic alternatives."

Heins, President and Chief Executive Officer of BlackBerry, added, "We continue to see compelling long-term opportunities for BlackBerry 10, we have exceptional technology that customers are embracing, we have a strong balance sheet and we are pleased with the progress that has been made in our transition. As the Special Committee focuses on exploring alternatives, we will be continuing with our strategy of reducing cost, driving efficiency and accelerating the deployment of BES 10, as well as driving adoption of BlackBerry 10 smartphones."

BlackBerry points out that there is no assurance that exploring strategic alternatives will result in any transaction. BlackBerry also states that there will be no disclosure of further developments with this process unless the special committee reaches a specific solution or “conclusion”.

Source: Market Wire





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