WATERLOO, Ont. – Research In Motion chairwoman Barbara Stymiest said Research in Motion’s board of directors is “very supportive” of the company’s management team, and while the company continues to face challenges, with those challenges come opportunities.

In their annual general meeting in Waterloo Tuesday morning, Stymiest said the team has the skills to get RIM past its current challenges and they are working around the clock to turn the company around and pursue the opportunities ahead.

“We understand that the company’s performance this year has not met expectations. It does not represent what we believe RIM can achieve,” Stymiest said. “We do understand many shareholders are frustrated by this.”

The company’s Chief Executive Officer Thorsten Heins said RIM has changed forever how people communicate and it’s still a proud company with a strong brand.

Heins explained the company is looking at every possible way to redefine their future while looking at new opportunities which include “partnerships, joint ventures, licensing and other ways to leverage RIM’s efforts in an attempt to increase long-term value for our stakeholders.”

The BlackBerry maker has struggled in recent months as it as reported losses and delayed the release of its much-hyped BlackBerry 10 operating system and new smartphones.

Two weeks ago, RIM announced it will cut about 5,000 jobs as it slashes costs across the organization to contend with faltering sales and a steady decline in its market share in North America. The company has offices in 27 countries.

Shares in RIM, which traded for more than $30 less than a year ago, have recently dropped below $8.

“We recognize that this is a difficult period for our shareholders, and that many of you are frustrated with the time it has taken to make our way through this transition,” said Heins, adding that it will take time for the company to rebound.

The words didn’t help to assure shareholders in attendance, who spoke with reporters following the meeting. Many said this is a case of too little, too late, with one man suggesting the company needs a CPR-like resuscitation.

“The company has to look seriously at a sale of the company as a whole, it has to look  at a break up of the company into the handset business and the software and services platform,” said Vic Albioni of Jaguar Financial.

“I’ve actually moved monies into real estate because this was a real shock for me, I was really disappointed with what happened,” added an unidentified female shareholder.

A big priority for the company the launch in the first quarter of next year for for the delayed Blackberry 10, but some are questioning the company putting so much hope on the device.

RIM is warning that there will be another operating loss in the second quarter, and Heins said the number of sites manufacturing the smartphone will be cut from 10 to just three.  

Meanwhile, Bloomberg reports the company is selling one of its two corporate jets. The nine-passenger plane is valued between $6 and $7 million.

RIM intends to keep its 14-passenger jet.