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February 15, 2013

Former BlackBerry co-CEO sells entire stake in smartphone company

Current chief executive Thorsten Heins succeded Balsillie following his resignation from RIM's board

By CBR Staff Writer

BlackBerry former co-CEO Jim Balsillie has sold his remaining shares in the Canadian smartphone manufacturing firm, according to a US securities filing.

Possessing almost 27m shares in the company, Balsillie was one of BlackBerry’s two largest shareholders, with a stake of about 5.1%, as of 31 December 2012.

Balsillie’s resignation from RIM’s board had been aimed at paving way for the firm’s current chief executive Thorsten Heins.

BlackBerry has recently launched two new smartphone devices, the Q10 and Z10, in a bid to recoup lost market share acquired by Apple and Samsung.

Features of new smartphones include 1.5Ghz dual core processors with 2GB of RAM, 16GB of internal storage, and an expandable memory card slot.

Both smartphones will be offered from carriers to support their respective 4G LTE or HSPA+ networks and all models support a global roaming feature.

Further, the smartphone maker is planning to consider licensing its new BlackBerry 10 operating system to other phone manufacturers as part of its efforts to recover market share.

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