NRWell it's a start at least
Versatile Restructures Operations
Mon Jun 28, 3:30 AM
- VANCOUVER, CANADA--(Marketwire - June 28, 2010) - All amounts are expressed in U.S. dollars unless otherwise stated.
Versatile Systems Inc. (TSX VENTURE: VV.V)(AIM: VVS), today announced that it has implemented a series of cost reductions in light of the current economic climate.
Versatile has reduced its workforce, focused research and development activities on core products, and redeployed research and development staff to the professional services group. These measures will result in estimated annual savings of U.S. $1,120,050, which represents approximately 10% of the Company's annualized expenses. The Company will continue to monitor its costs in relation to its revenues and changes within the economy.
"We believe we have adopted a balanced approach in continuing to align our cost structures in light of the current economic environment," said John Hardy, Chairman and CEO of Versatile. "As economic conditions improve, we will be well positioned for recovery, particularly with our strong balance sheet and tier one customers and partners."
Oliver Poppenberg has been appointed as Chief Operating Officer of Versatile Systems, Inc. Mr. Poppenberg joined Versatile Systems, Inc. in 2005 as Executive Vice President of Sales. Mr. Poppenberg was the Vice President of Sales of Perfect Order from 1999 to 2004. During this period, sales grew from US$15 million to more than US$50 million. Prior to 1999 he was an Engineer at First City Bancorporation and held various sales positions at Digital Equipment Corporation, EDS Corporation and Sun Microsystems. Mr. Poppenberg holds a Bachelor of Science Degree in Engineering from The Pennsylvania State University.
"Versatile's unique offering of proprietary software, combined with application development enables us to effectively deliver information technology architecture, design, and implementation across a wide variety of industry verticals," said Oliver Poppenberg. "I look forward to working in the newly created role of COO."