CANADIAN PHONE MAKER Blackberry announced on Monday that its Board of Directors has formed a Special Committee to explore survival options for the firm, which could possibly involve a joint venture or sale of the company.
The announcement confirms that the company's woes have continued past its fiscal first quarter financial results, in which the company announced that it had sold just 2.7 million Blackberry 10 smartphones during the three month period, and it seems that the firm is considering desperate measures in order to survive.
"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," said Timothy Dattels, chairman of Blackberry's special committee in a statement.
As well as putting itself on the market, adding fuel to rumours of a possible buyout by Lenovo or Microsoft as they look to conquer the secure smartphone market, it could see the firm looking to take itself private in order to remove the pressure of having to answer to investors.
Blackberry CEO and president Thorsten Heins 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, launching the multi-platform BBM social messaging service, and pursuing mobile computing opportunities by leveraging the secure and reliable Blackberry Global Data Network."
Blackberry stressed that the formation of a special committee will not necessarily result in a transaction, but we're likely to hear more over the next few weeks. µ
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