Artaflex Inc V.ATF

New re-cuts

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Canada NewsWire Give us your message. We'll give you the world. -------------------------------------------------------------------------------- ALTERNATIVE FUEL SYSTEMS INC. Canadian Quotes from Telenium ATF. (TSE) -------------------------------------------------------------------------------- Attention Business Editors: AFS Implements Cost Cutting Measures CALGARY, Nov. 7 /CNW/ - Alternative Fuel Systems Inc. ("AFS") (TSE:ATF) announced today that the Company has undertaken a number of strategic cost cutting measures, including reducing staff by 15% and implementing staff salary reductions. In addition, AFS has recently subleased 8,000 square feet of its 51,000 square foot facility in Calgary. These measures are part of the Company's objective to reduce overhead and focus efforts on market driven activities. "AFS' engineering and sales resources are now focused on revenue generating products and services and new products which can be commercialized in a short time frame," commented Walter Brooks, AFS Chairman and Interim CEO. "Our staff reductions did not undermine AFS' considerable intellectual capital and we have sufficient resources to meet our near term business objectives. Costs will continue to be monitored and balanced with revenue expectations to preserve capital and protect the interests of our shareholders," added Mr. Brooks. AFS is a Canadian environmental technology company providing innovative and cost-effective solutions to the growing global problem of harmful exhaust emissions from internal combustion engines. AFS has commercialized electronic engine management systems enabling diesel and gasoline engines to operate on cleaner burning natural gas. AFS natural gas systems and components are installed worldwide in new vehicles made by Original Equipment Manufacturers ("OEMs"), or retrofitted in existing fleets. AFS is headquartered in Calgary, Canada and trades on the Toronto Stock Exchange under the trading symbol ATF. This news release contains forward-looking statements about AFS' business, marketing and product development plans based on the current expectations of management. AFS cautions investors that due to risks and uncertainties, actual results may vary materially from those anticipated. The Toronto Stock Exchange has neither approved nor disapproved the contents of this news release. Visit our website at: www.afsglobal.com -30- For further information: Walter Brooks, Chairman of the Board and Interim CEO, Phone: [phone], Fax: [phone], Email: [e-mail]; To request a free copy of this organization's annual report, please go to https://www.newswire.ca and click on reports@cnw. ALTERNATIVE FUEL SYSTEMS INC. has 57 releases in this database. -------------------------------------------------------------------------------- General Inquiries - [e-mail] Technical Issues - [e-mail] © 2001 Canada NewsWire Ltd. All rights reserved.