Vitucci To ImageState

Posted on 7/9/2003 by Jim Pickerell | Printable Version | Comments (0)



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

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.

Copyright © 2003 Jim Pickerell. The above article may not be copied, reproduced, excerpted or distributed in any manner without written permission from the author. All requests should be submitted to Selling Stock at 10319 Westlake Drive, Suite 162, Bethesda, MD 20817, phone 301-461-7627, e-mail: wvz@fpcubgbf.pbz

Jim Pickerell is founder of, an online newsletter that publishes daily. He is also available for personal telephone consultations on pricing and other matters related to stock photography. He occasionally acts as an expert witness on matters related to stock photography. For his current curriculum vitae go to:  


Be the first to comment below.

Post Comment

Please log in or create an account to post comments.

Stay Connected

Sign up to receive email notification when new stories are posted.

Follow Us

Free Stuff

Stock Photo Pricing: The Future
In the last two years I have written a lot about stock photo pricing and its downward slide. If you have time over the holidays you may want to review some of these stories as you plan your strategy ...
Read More
Future Of Stock Photography
If you’re a photographer that counts on the licensing of stock images to provide a portion of your annual income the following are a few stories you should read. In the past decade stock photography ...
Read More
Blockchain Stories
The opening session at this year’s CEPIC Congress in Berlin on May 30, 2018 is entitled “Can Blockchain be applied to the Photo Industry?” For those who would like to know more about the existing blo...
Read More
2017 Stories Worth Reviewing
The following are links to some 2017 and early 2018 stories that might be worth reviewing as we move into the new year.
Read More
Stories Related To Stock Photo Pricing
The following are links to stories that deal with stock photo pricing trends. Probably the biggest problem the industry has faced in recent years has been the steady decline in prices for the use of ...
Read More
Stock Photo Prices: The Future
This story is FREE. Feel free to pass it along to anyone interested in licensing their work as stock photography. On October 23rd at the DMLA 2017 Conference in New York there will be a panel discuss...
Read More
Important Stock Photo Industry Issues
Here are links to recent stories that deal with three major issues for the stock photo industry – Revenue Growth Potential, Setting Bottom Line On Pricing and Future Production Sources.
Read More
Recent Stories – Summer 2016
If you’ve been shooting all summer and haven’t had time to keep up with your reading here are links to a few stories you might want to check out as we move into the fall. To begin, be sure to complet...
Read More
Corbis Acquisition by VCG/Getty Images
This story provides links to several stories that relate to the Visual China Group (VCG) acquisition of Corbis and the role Getty Images has been assigned in the transfer of Corbis assets to the Gett...
Read More
Finding The Right Image
Many think search will be solved with better Metadata. While metadata is important, there are limits to how far it can take the customer toward finding the right piece of content. This story provides...
Read More

More from Free Stuff