The Board of Columbia River Resources Inc. recently announces significant reorganisation and resource targetting for its UK operations.
RFID specialists Traxxec Ltd, the latest acquisition, will become the sole focus of the Company’s operational activity. The new strategy was triggered by the creation of a new healthcare division within Rexam Plc, a key Traxxec partner, following their recent acquisition of Owens Illinois. Traxxec has a RFID solution for pharma packaging and has a signed 15 year agreement with Rexam, the world’s largest pharma bottle supplier.
On the 25th January 2008 Rexam Plc confirmed its intent to continue with the Traxxec licence agreement across the now newly combined European and US organisations, vastly increasing the available market opportunity.
The new focus coincides with the suspension of all activity and closing down of Medify Solutions Limited, the medical software solutions subsidiary. Despite several management attempts, the board no longer feel that resource-intensive Medify Solutions Limited warrants the high level of cost involved in delivering the Medify Remote and SystmOne Remote products to market. Columbia River Resources Inc will retain the IPR associated with the product, with a view to a possible sale in the future. The UK Limited Company will be wound up immediately.
In line with these changes there will be two significant corporate changes. Chief Executive Officer Christine Hill resigns effective 26th February 2008 and Mrs Amy Scopes is appointed CEO and Sole Officer in her place. Concurrent with these changes the Company will enacted a 1 for 250 reverse stock split, effective Tuesday 26th February.
Incoming CEO Amy Scopes comments “Despite several attempts to prove the success of Medify Solutions and its products, this has not been the case. We must therefore be critically realistic of the Company and the best use of its resources and funding. We feel that Traxxec Limited, with its product offering and licence agreement offers a far stronger, and more realistic, opportunity for our shareholders. In addition, in order to prepare the Company for the future it has been necessary to affect a significant stock split. Whilst we realise that this will not be popular, it is necessary for the future growth and stability of the Company.”
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