405 PICTOR RESPONDS
May 10, 2001
In response to yesterday's announcement that Pictor International, Inc. had filed
Chapter 11 bankruptcy proceeding in the U.S. Pictor International, Ltd. has made the
following statement. To see the previous announcement go to:
London-based image library Pictor International announced today that the company will
be concentrating its business on its UK /European office network and on its
international agent network. This comes on the back of the company achieving 23%
revenue growth across its European markets. Pictor's European offices are located in
London, Paris, and Munich complemented by a total of 38 agents throughout the world.
"Unlike some of our competitors we have achieved strong sales growth in all our
European markets over the last 12 months, and we see continued very strong potential",
says Jonathan Gibson who is Pictor managing director. "As such it makes sense to
concentrate our efforts in these markets, where by comparison the US market has been
Part of the European-focused strategy is the placing of Pictor's US subsidiary into
"Chapter 11" administration which was effective from 3 May. Chapter 11 is quite common
in the US for organisations facing difficult trading times, and under this structure
Pictor US will continue to trade whilst evaluating the best options for the business
into the future.
"We remain committed to the US market and will be actively investigating all options to
continue marketing the Pictor product, including the appointment of a US distributor
for our content," explains Jonathan Gibson. "I am confident that the Pictor images will
continue to be marketed in North America".
Pictor has recently released its latest rights-protected catalogue "Imagine" which
showcases a broad range of contemporary and conceptual images, plus the company is
poised to launch its all-new web site over the next few weeks.