565
VITUCCI TO IMAGESTATE
July 9, 2003
On June 17, 2003, ImageState announced that the Company was still losing money and
that further cost reductions coupled with revenue growth would be required to
achieve breakeven.
Also announced was that the Company had agreed to terms for additional funding of
up to £1,000,000 to be provided by OVP2 Limited (a subsidiary of Pacific
Investments PLC, a company ultimately controlled By Sir John Beckwith, a Director
of ImageState).
In an effort to strengthen the senior executive management team Michele Vitucci has
been appointed as Chief Operating Officer of the group and is working under a
consultancy agreement. Michele has ten years experience in the stock photography
industry having previously worked for Tony Stone Images and subsequently Getty
Images where he was Managing Director for Getty Germany and then MD for Getty
Europe.
Michael Cornish has resigned from the Company as Executive Chairman. Cornish joined
the Company in August 2000 and over the last 14 months has been responsible for the
implementation and re-engineering of the Company's business model to a digital web
based customer offering.
It was announced in March that Chris Adamson, the Finance Director, would be
leaving the Group at the end of October 2003 (See Story
558 ). However, with this
announcement Adamson will immediately step up to the position of non-executive
Chairman of the Company.
Until recently, the two largest shareholders with the Company were Sir John
Beckwith and Mike Luckwell who held approximately 58.1% of the shares between them.
It is believed that Sir John Beckwith has recently acquired all the shares of Mr.
Luckwell giving him a majority controlling interest in the company. Sources tell
Selling Stock that Mr. Luckwell had no interest in going forward with the Company.