(NP) TORONTO The downfall of the Soviet Union brought with it a number of far-reaching changes. Foremost among them, the long-awaited independence of 15 formerly repressed soviet republics, including Ukraine. With the new-found ability to communicate freely, Ukraines independence negatively impacted on the subscribership numbers of many Ukrainian diaspora publications. This decade-long downward spiral led to the closure of some North American Ukrainian-market newspapers. This newspaper too was not unaffected by the new and highly competitive environment.

However, as shareholders in the New Pathway Publishers, Limited found out at the companys annual general meeting held on October 19 at the Ukrainian National Federation Toronto hall, by readjusting their strategy to meet new market challenges, the newspaper has been able to reverse the trend of a dwindling readership. Indeed, as re-elected New Pathway president Walter Kish pointed out to shareholders, overall subscribership and circulation has increased, albeit in small increments, since 2000.

At the same time, Kish informed those present that the company is still operating in the red, with the financial support of the companys largest shareholder, the Ukrainian National Federation of Canada (UNF). He stressed the importance of seeking significant changes to the companys business plan.

It is now clear that we can no longer operate under the financial model that we have been working under the past few years, said Kish. Significant if not drastic changes are required. I would propose this be the first and only priority of the Board.

Kish outlined three proposals for leading the company to profitability.

First, the re-elected president suggested that further reducing costs by shifting to a bi-weekly publication schedule may help force the paper into the black.

Another option proposed by Kish would see the company ceasing to exist as a separate legal entity and to have the New Pathway published directly by the UNF.

Perhaps the most radical alternative Kish presented would have the New Pathway, founded in 1930, merge with a similar publication.

Present at the meeting was Eugene Roman, president of Ukrainian Credit Union Limited, (UCU) the newspapers largest advertiser. He announced a new initiative accepted by the UCU Board of Directors that will enhance cooperation between the organizations on a number of strategic, mutually beneficial fronts. Roman also presented Kish with a $5,000 donation from the UCU Board.

UNF president Roy Kostuk called for continued UNF support of the New Pathway. He expressed hope that both the newspaper and the UNF-Toronto branchs new building would serve as tools to the revitalization of the 70-year-old community organization.

The New Pathways Board of Directors, unanimously accepted by the shareholders, comprises of president Walter Kish, vice president Les Salnick, vice president Walter Maceluch, treasurer Fred Petruk, Irene Washchuk, Roy Kostuk, Mary Pidkowich, Andrij Makuch, and secretary Pavlo Lopata.

Audit Committee members include Michael Kalimin, Wasyl Kizemchuk and John Pidkowich.