TORONTO, May 1, 2012 /PRNewswire/ - Cinram International Income Fund (TSX: CRW.UN) announced today that it has received written notice from a non-core customer who has decided not to extend the fulfillment services currently provided by Cinram beyond the current term, which expires June 15, 2013.
Cinram has provided distribution and related services to this customer since 2008. Revenues from this business for the year ended December 31, 2011 represented approximately 6% of the total consolidated revenues of Cinram International Inc.
Commented Steve Brown, CEO, "While we are disappointed with the decision by this customer to end our 5 year relationship as their service provider of distribution services, we will nevertheless be working closely with them to ensure an orderly transition to a new provider of the services and ensuring that all affected employees and other stakeholders are given the absolute greatest consideration during this process."
Cinram International Inc., an indirect, wholly-owned subsidiary of the Fund, is the world's largest provider of pre-recorded multimedia products and related logistics services. With facilities in North America and Europe, Cinram International Inc. manufactures and distributes pre-recorded DVDs, audio CDs, and CD-ROMs for motion picture studios, music labels, publishers and computer software companies around the world. The Fund's units are listed on the Toronto Stock Exchange under the symbol CRW.UN. For more information, visit our website at www.cinram.com.
SOURCE Cinram International Income Fund