WATERLOO, ON, Oct. 4, 2023
/CNW/ -- BlackBerry Limited (NYSE: BB; TSX: BB) today provided
an update regarding the previously announced review of its
portfolio of businesses that the Board of Directors commenced on
May 1, 2023 ("Project
Imperium").
Strategic Review of Portfolio
The Board, together with its advisors, Morgan Stanley and
Perella Weinberg Partners, has been evaluating a comprehensive
range of strategic alternatives to drive enhanced shareholder
value, including a possible separation of businesses and a range of
potential sale structures. Based on input from the current process
and with the support of management, the Board has determined that
separating the IoT and Cybersecurity business units into two
independently-operated entities is the optimal strategic direction
for BlackBerry.
The chief objective of the separation is to pursue a subsidiary
initial public offering for the IoT business, the market leader for
high-performance, safety-critical foundational software in
automotive and other verticals, with a launch targeted in the first
half of the next fiscal year. BlackBerry believes that a
separately-traded IoT subsidiary will enable shareholders to more
clearly evaluate the performance and future potential of
BlackBerry's principal businesses on a standalone basis, while
allowing each business to pursue its own distinct strategy and
capital allocation policy.
Project Imperium objectives will continue to be pursued as the
company launches activities to separate our principal
businesses.
"The Board and management believe that separating our principal
businesses will improve our ability to create value for all our
stakeholders," said John Chen,
Executive Chair & CEO, BlackBerry. "Both the IoT and Cyber
businesses have leading technology and talent and address large and
growing market opportunities. This new proposed structure will
further increase both their operational agility and ability to
focus on delivering exceptional solutions to their customers."
About BlackBerry
BlackBerry (NYSE: BB; TSX: BB) provides intelligent security
software and services to enterprises and governments around the
world. The company secures more than 500M endpoints including over 235M vehicles. Based in Waterloo, Ontario, the company leverages AI
and machine learning to deliver innovative solutions in the areas
of cybersecurity, safety, and data privacy solutions, and is a
leader in the areas of endpoint security, endpoint management,
encryption, and embedded systems. BlackBerry's vision is
clear - to secure a connected future you can trust.
BlackBerry. Intelligent Security. Everywhere.
For more information, visit BlackBerry.com and follow
@BlackBerry.
Investor Contact:
BlackBerry Investor Relations
+1 (519) 888-7465
investorrelations@blackberry.com
Media Contact:
BlackBerry Media Relations
+1 (519) 597-7273
mediarelations@blackberry.com
This news release contains forward-looking statements within the
meaning of certain securities laws, including under the U.S.
Private Securities Litigation Reform Act of 1995 and applicable
Canadian securities laws, including statements regarding
BlackBerry's plans, strategies and objectives including its
expectations with respect to increasing and enhancing its product
and service offerings, and other statements that are not historical
facts.
The words "expect", "anticipate", "estimate", "may", "will",
"should", "could", "intend", "believe", "target", "plan" and
similar expressions are intended to identify these forward-looking
statements. Forward-looking statements are based on estimates and
assumptions made by BlackBerry in light of its experience and its
perception of historical trends, current conditions and expected
future developments, as well as other factors that BlackBerry
believes are appropriate in the circumstances, including but not
limited to, BlackBerry's expectations regarding its business,
strategy, opportunities and prospects, the launch of new products
and services, general economic and financial market conditions,
competition, and BlackBerry's expectations regarding its financial
performance. Many factors could cause BlackBerry's actual
results, performance or achievements to differ materially from
those expressed or implied by the forward-looking statements,
including, without limitation: risks related to the proposed
separation disrupting BlackBerry's operations and making it more
difficult to conduct business as usual; risks related to the
continuation of Project Imperium making it more difficult to
conduct business as usual or for BlackBerry to maintain
relationships with customers, channel partners or other third
parties; risks and uncertainties related to BlackBerry's ability to
complete an initial public offering on the anticipated timelines,
or at all; and the risks discussed in BlackBerry's Annual Report on
Form 10-K and the "Cautionary Note Regarding Forward-Looking
Statements" section of BlackBerry's MD&A (copies of which
filings may be obtained at www.sedar.com or www.sec.gov). All of
these factors should be considered carefully, and readers should
not place undue reliance on BlackBerry's forward-looking
statements. Any statements that are forward-looking statements are
intended to enable BlackBerry's shareholders to view the
anticipated performance and prospects of BlackBerry from
management's perspective at the time such statements are made, and
they are subject to the risks that are inherent in all
forward-looking statements, as described above, as well as
difficulties in forecasting BlackBerry's financial results and
performance for future periods, particularly over longer periods,
given changes in technology and BlackBerry's business strategy,
evolving industry standards, intense competition and short product
life cycles that characterize the industries in which BlackBerry
operates. Any forward-looking statements are made only as of today
and BlackBerry has no intention and undertakes no obligation to
update or revise any of them, whether as a result of new
information, future events or otherwise, except as required by
applicable law.
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SOURCE BlackBerry Limited