BlackBerry Exploring Possible Sale

The mobile device maker is also looking at joint ventures

Beleaguered mobile device maker BlackBerry said Monday that is has formed a committee to look into joint ventures, partnerships, and even a sale of the company.

The company stressed that it is possible the move will not result in any transaction.

"We continue to see compelling long-term opportunities for BlackBerry 10, we have exceptional technology that customers are embracing, we have a strong balance sheet and we are pleased with the progress that has been made in our transition," Thorsten Heins, president and chief executive officer of BlackBerry, said in a statement.

BlackBerry helped revolutionize handsets, but it has found itself outpaced by new smartphones from the likes of Google and Apple. The company's stock has plummeted more than 92 percent in five years, according to the New York Times.

BlackBerry has tapped JP Morgan  to serve as a financial advisor and Skadden, Arps, Slate, Meagher & Flomand Torys to act as legal advisors.

Shares of BlackBerry rose more than 5.6 percent to $10.32 as of 10:07 a.m. EST.