Research Solutions Inc. announced on Monday it has closed a subsidiary company in France and hired an investor relations firm to reposition the company as a digital-only operation.
The Encino company, which provides copies of academic journal articles to scientists and researchers, was authorized by its board on Aug. 18 to sell its subsidiary Techniques Appliques aux Arts Graphiques, or TAAG, which provided printed copies of articles to European customers.
When Research Solutions couldn’t find a buyer for TAAG, it went into administration, the European equivalent of bankruptcy, on Sept. 15. The administrator has taken control of TAAG’s bank accounts, and a hearing is scheduled for Nov. 3 on how to liquidate the assets.
“Today marks an important milestone at Research Solutions with the divestiture of our TAAG printing and logistics subsidiary,” said Chief Executive Peter Derycz in a statement. “It represents a major step in our transition from a hybrid digital-print business to a fully digital solution.
In connection with the strategic move, the company hired investment communications firm Liolios Group. During the next several weeks, Liolios will schedule road shows and financial conferences for management and devise a corporate investment message for the company.
Shares closed up 1 cent to 71 cents in over-the-counter trading.