Booktech Exploring Options
Staff -- Publishers Weekly, 8/13/2001
Booktech.com has hired the investment banking firm of Atlas Capital Services to explore the strategic options, including the possible sale, of the Woburn, Mass., on-demand publisher. William Christie, chairman of cash-strapped Booktech, said that given "the challenges we face in raising additional capital... it is prudent for the company to consider alternatives to the status quo." The company has been looking to raise additional funds for several months and had liabilities of $6.6 million at the end of last year, a figure that topped its assets by $6.3 million.
Since its launch in 1995, Booktech has published 7,000 customized textbooks, but generated only $1.7 million in sales in 2000 with a net loss of $8 million. Through December 31, 2000, the company had an accumulated deficit of $13.7 million.
