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In May of 2011, Research in Motion announced the availability of their first Blackberry Bold handsets based on OS 7, which included a number of multimedia and social networking improvements.
All of this was good on paper, except that the company's Co-Chief Executive, Mike Lazaridis was busy telling crowds that the new phones would not be upgradeable to their next-generation QNX OS due the following year, which is now known as BlackBerry 10.
As a result, this has put an effective freeze on traditional BlackBerry 7 handset sales and market share of RIM products has dropped into single digit percentage levels.
A major management restructuring of the company has occurred, including the ouster of both Co-Founders and Chief Executives.
BlackBerry 10 handsets are unlikely to ship until at least October of 2012, and the company has retained JP Morgan and the Royal Bank of Canada to determine go-forward options for the Waterloo, Ontario smartphone vendor, presumably including asset divestiture, severe austerity measures (large rounds of layoffs) and the sale of the entire company.